The social media giant Facebook is exploring the idea to launch its own cryptocurrency, a report said. The development comes days after reports surfaced online said that Facebook is setting up a blockchain and it’s not a joke as technology website Cheddar reported that Facebook is very serious about it. The new plan would allow the Facebook to expand its footprints in the financial sector as social media giant has more than 2 billion users across the world and launching cryptocurrency would allow them to make payments through a virtual currency like Bitcoin.
David Marcus, the executive in charge of the Facebook Messenger, in a post, said, “ I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch.” However, explaining the matter, Facebook, in a statement, said, “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”.
According to a financial market research firm, International Data Corporation, global chain on cryptocurrency solutions is expected to reach $2.1 billion in 2018, more than double of the $945 million spent in 2017. A previous report had reported that Facebook is planning to launch a new team dedicated to Blockchain technology. The report added that Blockchain team would come under new platforms and infra run bu Chief Technology Officer (CTO), Mike Schroepfer.
Recently, Facebook has drawn flak after a report published in media said that the social media giant had shared data of its online users with British political consulting firm Cambridge Analytica. Soon after the controversy, the Facebook had reshuffled its senior management across various platforms including WhatsApp and Messenger.