Monday, September 28, 2020
Home Lead Story Facebook Plans to Launch its Own Cryptocurrency

Facebook Plans to Launch its Own Cryptocurrency

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

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)

STAY CONNECTED

19,135FansLike
362FollowersFollow
1,776FollowersFollow

Most Popular

7 Money Tips to Travel for Hard-line Backpackers

Travel is something that every millennial love to do, but most of the time it can also turn out to be very costly especially...

People Neglect Fear of COVID as Food Orders Outrush

If you are among those who are thrilled to once again see food delivery boys all around or plan to visit a restaurant and...

Demand for Indian Animation Witnesses a Substantial Growth

With demand for Indian animated content growing among global audiences, especially with children who are a significant consumer group for animations like cartoon shows,...

Treatment and Lifestyle Changes for a Healthy Heart

From the time the first Coronavirus case was recorded in China, to India's numbers crossing four million, COVID-19 has millions of lives under its...

The Vogue Change of Footwear in India

Covid-19 has changed consumer buying patterns across segments, ranging from FMCG, personal care, apparel to footwear. The change has also led manufacturers to take...

Daughters’ Day: Entertainment Industry Showers Their Little Girls With Love

From megastar Amitabh Bachchan to Ajay Devgn and Ayushmann Khurrana, several stars took to social media to shower their daughters with love on the...

When “Rehnaa Hai Terre Dil Mein” Released, it was Flop But Slowly Became Iconic: Madhavan

When Rehnaa Hai Terre Dil Mein released in 2001, the film failed to create sparks at the box office. What remained with the viewers...

This is How NASA is Preparing Astronauts for Next Moonwalks in 2024

As NASA plans to return humans to the Moon in 2024 as part of the Artemis programme, the agency has already started preparing astronauts...

Recent Comments