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undergroundnewsroom.com May 27, 2018


Facecoin? Facebook Planning To Launch Its Cryptocurrency

12 May 2018, 02:20 | Ruben Stone

Facebook management leaves to launch blockchain

Facebook creates Blockchain Division to be led by Coinbase board member

"I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch", David Marcus, now the executive-in-charge of Facebook Messenger, said in a post. A "Facebook Coin" would have the potential to become the premier cryptocurrency, with Facebook's massive number of daily active users.

Chris Daniels, who has been in charge of a Facebook effort to expand internet access, will be the head of WhatsApp, succeeding Jan Koum, the WhatsApp co-founder who said last week he was leaving the company.

Facebook CEO Mark Zuckerberg announced one of the largest restructurings of management in the history of social network business on Tuesday, gave his product manager more responsibility and launched a blockchain department.

Facebook's apparent decision to pursue the development of an actual cryptocurrency certainly raises more questions than it answers.

This news comes just days after Facebook's internal blockchain team went public.

"Like many other companies Facebook is exploring ways to leverage the power of blockchain technology".

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According to him, the newly created "a small team will explore many different directions". Marcus, who is no stranger to online payments, was once the president of PayPal (pypl) and he's also a board member of the Coinbase cryptocurrency trading service.

Cheddar is behind the news citing sources familiar with the matter that would see Facebook using their new "digital token" to buy and sell things through the social network. "We don't have anything further to share", the spokesperson said.

The social platform has experimented with virtual currency before.

According to experts, in the time ahead Facebook will make acquisitions in the blockchain and cryptocurrency space to develop its own virtual currency. Facebook in the past offered Facebook Credits, a way to pay for games and other items electronically.

Blockchain can counter the menace of fake news and help Facebook in clamping down on people peddling false narrative. But the feature never gained traction, and Facebook shut it down two years later.



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