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Facebook Plans to Launch its Own Cryptocurrency

According to the tech website Cheddar, Facebook is "very serious about it"

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Facebook, Twitter Introduce New Guidelines For Political Ads
Facebook, Twitter Introduce New Guidelines For Political Ads. Pixabay
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After reports surfaced that Facebook is creating a new Blockchain group, fresh media reports have claimed that the social networking giant is also exploring the creation of its own cryptocurrency.

According to the tech website Cheddar, Facebook is “very serious about it”.

However, “people familiar with the matter said the social network doesn’t have plans to hold a so-called initial coin offering (ICO) by offering a limited number of virtual tokens for the public to buy at a set price,” the report said late Friday.

Facebook has over two billion users globally and launching cryptocurrency will allow them make payments using a virtual currency like Bitcoin.

“I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch,” David Marcus, currently the executive in-charge of Facebook Messenger, said in a post.

Representational image.
Representational image. Pixabay

In a statement later, Facebook 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”.

Global spending on Blockchain solutions is expected to reach $2.1 billion in 2018, more than double of the $945 million spent in 2017, market research firm International Data Corporation (IDC) said earlier this year.

Recode had first reported that Facebook is building a new team dedicated to Blockchain technology and Marcus was leaving his post to run the Blockchain group.

Also Read: Report: Facebook Shuffles Top Management, eyes Blockchain

The Blockchain team would come under “New platforms and infra” run by Chief Technology Officer (CTO) Mike Schroepfer, who will also take care of Facebook’s AR, VR and Artificial Intelligence initiatives.

Mired in a massive data breach controversy, Facebook has rolled out biggest-ever shuffle at the senior management level since its inception — across platforms, including WhatsApp and Messenger.

According to Recode, the company has made long-time executive Chris Cox in-charge of Facebook, Instagram, WhatsApp and Messenger — now called a “family of apps”. (IANS)

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Hillary Clinton Wishes to Head the Facebook

The former US presidential candidate was at Harvard on Friday receiving the Radcliffe Medal, which honours people who have "had a transformative impact on society".

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In a bid to prevent foreign interference into elections, facebook has also begun labelling all political and issue ads in the us -- including a
Hillary Clinton is willing to head the Social media giant, Facebook. VOA

Former US Secretary of State Hillary Clinton might be willing to swap a life in politics to lead the world’s largest social-networking company, a media report said.

On being asked by Attorney General Maura Healey, a democrat from Massachusetts, which company she would want to be the CEO of, Clinton didn’t pause before quickly answering “Facebook”, CNET reported on Friday.

“It’s the biggest news platform in the world. Most people in our country get their news — true or not from Facebook,” Clinton was quoted as saying.

In a bid to prevent foreign interference into elections, facebook has also begun labelling all political and issue ads in the us -- including a "paid for by" disclosure from the advertiser at the top of the advertisement.
Facebook CEO of Mark Zuckerberg Wikimedia commons

The former US presidential candidate was at Harvard on Friday receiving the Radcliffe Medal, which honours people who have “had a transformative impact on society”.

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Facebook is working to win back its users’ trust following a series of recent controversies, including the Cambridge Analytica scandal, in which data from as many as 87 million Facebook users was improperly shared with the political consultancy.

In a bid to prevent foreign interference into elections, Facebook has also begun labelling all political and issue ads in the US — including a “Paid for by” disclosure from the advertiser at the top of the advertisement.

Advertisers wanting to run ads with political content in the US will also need to verify their identity and location. (IANS)

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