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Facebook Might Venture For its Own Cryptocurrency

Facebook Might Venture For its Own Cryptocurrency

(Last Updated On: June 3, 2018)

Facebook, the most widely used medium of social networking is all set to create its own cryptocurrency. Recently, the social networking giant was in news for creating a Blockchain group and now the reports regarding exploration of the world of cryptocurrency are surfacing.

As per the media reports Facebook appears to be determined for venturing into cryptocurrency but the idea of holding an ICO (Initial Coin Offering) seems far to be true.

Mr. David Marcus, the Executive in charge of Facebook Messenger told about the proposed exploration by Facebook regarding how to best leverage Blockchain across Facebook. He also emphasised the power of Blockhain technology, which will be well explored by a new small team, which has been set up specially for the said purpose.

Facebook has a strong presence in social media with over 2 billion users around the globe. The idea is to allow users to make payments using cryptocurrency.

There have been significant initiatives by Facebook including appointing new leaders for core divisions – social network, whatsapp messenger and exploring the power of Blockchain technology.

The new Blockchain team of Facebook will be headed by Mike Schroepfer (Chief Technology Officer) who besides blockchain will also take care of Facebook’s AR, VR and artificial intelligence.

Facebook’s interest in creating digital token and providing users a freedom to make transactions without using government-backed currency is inspired by its clear vision of utilising core blockchain technology that underpins popular cryptocurrencies like Bitcoin and Ethereum. Facebook is also penetrating into other aspects of blockchain technology for identity verification and securing its backend infrastructure.