Facebook is reportedly “exploring” the creation of its own cryptocurrency[1], news media outlet Cheddar reported[2] May 11.
According to Cheddar’s anonymous sources, people “familiar with Facebook’s plans,” the social media giant is “very serious” about plans to launch an in-app virtual coin.
The unconfirmed information comes the same week the platform announced[3] that David Marcus, head of its Messenger app, would transfer to heading a dedicated blockchain[4] research group.
Marcus’ appointment to Blockchain operations was immediately conspicuous, the executive previously having worked in the finance sphere for PayPal[5] and subsequently joining[6] US cryptocurrency exchange Coinbase’s[7] board in December 2017.
At the time, Coinbase CEO Brian Armstrong praised Marcus’ cross-industry background in both payments and mobile communications.
The move nonetheless provides for a curious juxtaposition for Facebook, the platform having banned[8] cryptocurrency-related advertising across its network in January. Also citing “misleading or deceptive promotional practices,” the ban was copied[9] by both Google[10] and Twitter soon after.
References
- ^ cryptocurrency (cointelegraph.com)
- ^ reported (cheddar.com)
- ^ announced (cointelegraph.com)
- ^ blockchain (cointelegraph.com)
- ^ PayPal (cointelegraph.com)
- ^ joining (cointelegraph.com)
- ^ Coinbase’s (cointelegraph.com)
- ^ banned (cointelegraph.com)
- ^ copied (cointelegraph.com)
- ^ Google (cointelegraph.com)
