Categories: Cryptocurrency

Facebook might soon Launch its own Cryptocurrency

Listen To This Article:

Facebook and Cryptocurrency sound like an interesting match. Facebook had already established a dedicated internal team for working with blockchain technology. And now it is thinking of launching its own cryptocurrency.

The new team is headed by Messenger chief David Marcus. The team is focusing on leveraging the blockchain technology power to improve Facebook.

About David Marcus

Marcus is somewhat an aficionado of cryptocurrency. It is evident from his early investment in Bitcoin. He also joined the board of Coinbase, one of the leading cryptocurrency exchanges operating worldwide. He has stated that cryptocurrency has huge potential to improve the effectiveness of Facebook. According to a statement to CNBC, However, Marcus said there are many issues with cryptocurrency. For example, the lengthy time needed to complete and verify a transaction. Similarly, cryptocurrency is still very expensive.

Marcus was the head of PayPal. During his time at Facebook, he decided to split Messenger from Facebook.

About the Newly formed team

Marcus is responsible for finding out the answers to how this dominant Social Media can leverage the power of cryptocurrency. He has recently been running the standalone messenger app. At the beginning stage, the team will have less than a dozen people. Additionally, the team will include executives from Instagram. Among others, the team will include Instagram’s VP of engineering, James Everingham, and Instagram’s VP of products Kevin Well. And from now on, the Messenger app will be headed by Stan Chudnovsky.

Facebook and Cryptocurrency

Facebook knows it can easily bring cryptocurrency into the mainstream. It has billions of users. As of the first quarter of 2018, it had 2.19 Billion Active users. So, introducing and controlling a Facebook cryptocurrency will put Facebook in a unique and dominant position.

Facebook has recently removed every Cryptocurrency related advertisement from its platform. However, as the recent scandal broke out that Facebook leaked user information of about 80 Million of users, puts Facebook in a position where federal regulators will have a watchful eye on them.

Published by
Akash Kumar Biswas

Recent Posts

Tricks to Build a killer LinkedIn Profile To Grow Your Personal Brand

Although there are 20 million jobs available on LinkedIn, to land one you need a solid strategy. The first of…

1 day ago

Top Educational App for Kids with Autism/disabilities

People with Disabilities might take longer time and double the effort to complete a task. But with the right assisting…

2 weeks ago

Things You Can Do To Stop Your Smartphone Addiction Right Now

If you spend more than 4 Hours on your Smartphone daily, then we are very sorry to say, you are…

2 weeks ago

How To Record Screen in Android & iPhone

iOS comes with built-in Screen-Recording feature. Whereas on Android you need to use a third-party app or the native Google…

2 months ago

Twine App: Save Money Together & Invest Your Spare Change

With Twine you always have access to your own money. You can request to withdraw money from your account at…

2 months ago

Best Video Conferencing Apps For Your Business [FREE]

Video Conferences become an essential part of the business. As time is super valuable for everyone, video conferences save the…

2 months ago