According to the latest report from Cheddar, social media giant Facebook is planning to have its own digital currencies for in-app transactions and electronic payments. Some of the sources familiar with the matter said that that the company is “very serious” about its plans.
Much recently, Facebook is seen making a major overhaul in its workplace in an effort to spearhead blockchain development at their end. The company had recently promoted Davis Marcus, the former head of Facebook Messenger to lead a new Blockchain Group to “explore how to best leverage blockchain across Facebook, starting from scratch.”
Davis Marcus is also an ex-PayPal executive who was heading its payments department before joining Facebook. Recently, in 2017, Marcus has been appointed to sit on the board of popular cryptocurrency exchange Coinbase.
However, soon after this news broke out, Facebook released a statement saying “Like many other companies Facebook is exploring ways to leverage the power of blockchain technology. This new small team will be exploring many different applications. We don’t have anything further to share.”
Moreover, the people familiar with the matter said that the company has no plans to have ICO king-of token sale.
At the very beginning of 2018 this year, Facebook founder and CEO Mark Zuckerberg said that one of the key plans for this year would be to study cryptocurrencies and its associated blockchain technology.
In his Facebook post, Zuckerberg wrote: “My personal challenge for 2018 is to focus on fixing these important issues. We won’t prevent all mistakes or abuse, but we currently make too many errors enforcing our policies and preventing misuse of our tools. If we’re successful this year then we’ll end 2018 on a much better trajectory.”
One of the essential usages of the blockchain technology for Facebook would be the secure data storage for its users.