Facebook is looking into cryptocurrency support for its platform

Isaac Cain
May 13, 2018

Social media giant Facebook's on-again, off-again relationship with cryptocurrency continues.

It appears Facebook is planning to compete with Ripple in cross-border payment. Facebook Coin might have a fight if it wants to compete with Ethereum, Bitcoin, or other cryptocurrencies flourishing on the market now. "With the rise of a small number of big tech companies - and governments using technology to watch their citizens - many people now believe technology only centralizes power rather than decentralizes it", he posted last January.

"Most games on Facebook have implemented their own virtual currencies, reducing the need for a platform-wide virtual currency."

Discussions are still preliminary, and if Facebook does decide to issue its own cryptocurrency it will likely be "years away".

Marcus is now in charge of everything blockchain in the firm. He set up a group for exploring blockchain opportunities across Facebook.

The Menlo Park, California-based company also unveiled a new initiative to explore the use of blockchain, the decentralised ledger technology that underpins digital currencies like Bitcoin.

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"After almost four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge", Marcus, who also has experience at Coinbase - a cryptocurrency exchange - and PayPal, said in a post on his personal FB page.

According to a new report from Cheddar, Facebook is exploring the possibility of launching its own cryptocurrency.

So we know this for sure: a blockchain team has been created at Facebook - but we do not know it's goal, yet. WhatsApp has been given a relatively free hand since 2014 when Facebook bought it for $22 Billion, but in recent months, his co-founders have announced their resignation and opened the door to closer integration.

We'll keep our ear to the ground for further developments on Facebook's cryptocurrency plans, but it could be some time before these come to fruition.

Marcus, who had previously been president of Paypal, is a very straightforward advocate of crypto money and this experience of digital payment company makes him an ideal choice for a potential step that Facebook will take in this space.

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