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Facebook Working On Its Own Cryptocurrency

Facebook is reportedly the latest company to creating its own digital money such as Bitcoin and Monero.

The social network giant, according to Cheddar, plans to launch its own cryptocurrency with the aim of facilitating payments through its social platform.

Having its own cryptocurrency supported by a blockchain network could shake up Facebook’s own Marketplace service found on its main social site. Such a currency possibly will make it a lot easier and safer for people to buy and sell things through Facebook’s Marketplace.

The social network is also allegedly working on ways to use token-based digital currency in other areas of its social network, in addition to looking at how blockchain tech could be slotted elsewhere into the platform.

According to the company’s spokesperson who spoke with The Verge “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.”

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