Facebook to launch its own Cryptocurrency for Payment Method

Facebook to launch its own Cryptocurrency for Payment Method

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.

Social media giant Facebook is reportedly "very serious" about launching its own cryptocurrency, according to a report from Cheddar's Alex Heath.

The team dedicated to blockchain will be run by David Marcus, who formerly headed the Messenger chat app.

We don't know too many details about the rumored currency, but Facebook has supposedly been looking into blockchain, the technology behind secure digital transactions, for the past year. Plans for blockchain had been omitted from the 10-year-old roadmap which the executives were trying to sell and the executives have been tight-lipped from then on about any plans regarding the cryptocurrency. Marcus, an early Bitcoin investor and board member at Coinbase, interestingly worked at Paypal, a service people can use to make payments on Messenger. Companies often shuffle executives to work on different products to bring a fresher perspective and to help the teams more easily identify problem areas. "We don't have anything further to share", Facebook said in a statement to TheVerge.

Cryptocurrencies may be volatile, but that hasn't stopped some of the world's most popular companies from getting in on the action.

However, "people knowledgeable about the issue mentioned the social network doesn't always have programs to hold a socalled preliminary coin providing (ICO) by supplying a small number of virtual tokens for the general public to get at a established cost", the report stated late Friday.

The venture would likely see Facebook make "strategic acquisitions" in the cryptocurrency industry as it seeks to build out its blockchain infrastructure.

It's not exactly news that Facebook has been investigating the potential uses for blockchain tech in their business.

This is not the first time the social platform is experimenting with virtual currency. Facebook in the past offered Facebook Credits, a way to pay for games and other items electronically.