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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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LinkedIn faced probe for Facebook ads targeting 18 mn non-members. Pixabay

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)

Next Story

Facebook Apps Helped EU Firms Generate 208 bn Euros in Sales

The study also found that female-founded businesses, in particular, credit social media with helping them to start and grow their businesses

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Social Media, Facebook, Authenticity, Posts
The social media application, Facebook is displayed on Apple's App Store, July 30, 2019. VOA

Facebook apps have helped businesses in the European Union (EU) generate sales corresponding to an estimated 208 billion euros last year – resulting in nearly 3.1 million jobs, the social networking giant said in a new report.

According to Facebook, around 25 million businesses in the European Union, mostly small businesses, are using its services each month.

“Businesses said that using Facebook apps helped them generate an estimated 98 billion euros in exports last year. Of these exports, 58 billion euros are sales within the EU and 40 billion euros are sales to the rest of the world,” Nicola Mendelsohn, Vice-President for Europe, Middle East and Africa at Facebook, said on Monday.

To understand the true extent of Facebook’s impact on the European economy, the company commissioned a study by Copenhagen Economics, one of the leading economic firms in Europe. The study surveyed over 7,700 businesses across all industries and sizes in 15 countries.

“This shows the critical role social media plays in driving sales for businesses across Europe. This is particularly true for small and medium sized businesses,” Mendelsohn added.

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The Facebook mobile app on an Android smartphone. Wikimedia Commons

Six in 10 companies said Facebook apps are important in lowering marketing costs and a similar number said Facebook apps are important in improving customer service.

“Six in 10 businesses using Facebook apps report them as helpful to enter markets, and 7 in 10 businesses using Facebook apps are exporting to other countries compared to 5 in 10 non-users,” the report mentioned.

Also Read: Skills Required To Become An Information Security Analyst

The study also found that female-founded businesses, in particular, credit social media with helping them to start and grow their businesses.

“Fifty-eight per cent of female-founded businesses surveyed said that Facebook apps are important for enabling them to start businesses, while 65 per cent said it helped grow their revenue,” said the report. (IANS)