After issues about privacy, Facebook has been reported to be exploring new horizons. And this time around, it is planning to enter the cryptocurrency world. Based on a report, there aren’t many details yet, but it seems that Facebook is serious about launching its own cryptocurrency. This would facilitate payments within the Facebook ecosystem. This could drastically spike the number of users on Facebook especially now that they have an existing marketplace where you can buy and sell goods easily.
The company is also looking to take a closer look at the possibility of tokenized digital currency and maximize blockchain technology within its platform.
Led by David Marcus
The leader behind the idea is David Marcus. Earlier this week, he was reported to be the one in charge of Facebook’s blockchain division. It is said that the purpose of the new blockchain division is “to explore how to best leverage Blockchain across Facebook, starting from scratch”.
On May 11th, Facebook simply released a statement saying that “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”.
But who exactly is David Marcus? He is a crypto believer just by looking at his early investments in Bitcoin. He has joined the board of Coinbase which is a popular crypto exchange company. He was asked if Facebook would eventually integrate cryptocurrencies in its own apps soon, he mentioned that it still needs some time.
He mentioned that “Payments using crypto right now is just very expensive, super slow, so the various communities running the different blockchains and the different assets need to fix all the issues, and then when we get there someday, maybe we’ll do something”.
The Possibility of a Facebook Coin
There is a possibility that the world is going to see a Facebook Coin. This could easily become a premier cryptocurrency given the massive number of Facebook users worldwide.
Recently, Facebook has been scrutinized by the US Congress mainly because of privacy missteps. And considering its reputation, Facebook joining the crypto space could easily attract the watchful eyes of regulators yet again.
It seems as well that Facebook is serious about monopoly. Facebook has announced that it is already banning crypto related advertisements from their platform. And after which, the price of cryptos dropped right after the ban.
Companies Going After Cryptocurrencies
It is true that a lot of companies are now looking to explore cryptocurrencies. In fact, even institutional investors are now getting a piece of the action. It is true that blockchain technology has its potential. In fact, there are a number of other companies that are now accepting cryptocurrencies. Even UNICEF attempted to use browsers to contribute their computing power in order to generate funds using cryptocurrencies via mining. As for businesses accepting cryptocurrencies, you have the likes of Expedia, Subway, and even Shopify.
Is it inevitable that the likes of Facebook are going to explore the crypto world? Are we going to see a Facebook coin soon?