Facebook Might Develop Its Own Cryptocurrency

Facebook Thinking About Its Own Cryptocurrency

In mid-January 2018, Facebook founder Mark Zuckerberg announced that one of his goals for the year would be to research cryptocurrencies and blockchain and determine whether his social media company should incorporate them into their services. Almost 6 months after Zuckerberg made this announcement, media outlet Cheddar revealed that Facebook has been thinking of developing its own cryptocurrency for a while now.

Should the social media network follow through on this plan, then we might see cryptocurrencies being added to the platform’s various different payment methods. Additionally, the company has considered using blockchain technology in order to validate user accounts.

Still New To Blockchain

Facebook began looking into blockchain about a year ago. Morgan Beller, who’s part of the company’s corporate development team, started looking into ways the social media company could leverage blockchain technology for various purposes, but he was reportedly the only company employee researching it at the time.

Notably, it was only last week that David Marcus, VP of the company’s Messenger app, announced that he had put together a team which would try to look for ways to use blockchain for Facebook’s social media services. Also, they would do everything “from scratch”, Marcus noted. The Messenger App executive happens to be an early Bitcoin adopter and investor, in addition to being former PayPal president. As most crypto enthusiasts would know, Marcus has even served on the Board of Directors at Coinbase.

Due to its large user base, Facebook developing its own cryptocurrency could greatly help in further adoption of digital currencies since billions of people use the giant social network. Currently, there are more than 2 billion active Facebook users. If and when the company begins to use crypto, it has the potential to expose a very large number of users to cryptocurrencies.

Not Many Details About Facebook’s Cryptocurrency

At present, there are not many details regarding this fairly new development. Presumably, this could be because the company’s crypto project might just be in its very early stages. Reportedly, if Facebook does decide to launch its own cryptocurrency, it would still take a few years for it to happen.

There’s clearly no need for the highly profitable company to rush into anything. They have plenty of resources available to look thoroughly into the blockchain and crypto space, before diving into it completely. However, it’s probably a good idea for all big name companies to consider using this nascent technology in order to remain competitive and in touch with the latest trends.