Facebook could be planning to launch a cryptocurrency of its own

Facebook management leaves to launch blockchain

Facebook shakes up management, main divisions get new heads

The social giant is serious about the concept of its own cryptocurrency, said cheddar report quoting a person aware of the development.

The journey into blockchain started early this year when Zuckerberg, CEO at Facebook announced that it recognised cryptocurrency, which takes "power from centralized systems and put it back into people's hands".

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On Friday, IBM's (ibm) blockchain chief Bridget van Kralingen told Fortune that blockchain technology could help Facebook deal with some of the company's recent data privacy controversies.

Mr. Marcu, the company's new blockchain chief, is a former PayPal President and an early Bitcoin investor who was also appointed to the board of cryptocurrency exchange Coinbase last December.

"I am establishing a little group to explore the way you can best leverage Blockchain around face book, beginning scratch", David Marcus, now the executive incharge of face book Messenger, claimed at a post.

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"Like many other companies, Facebook is exploring ways to benefit from the opportunities provided by the technology of the blockchain", - said the TV channel the representative of the social network. This week, however, Facebook created a team of more than a dozen people, which studies the technology of the blockchain, including mining and cryptocurrency circulation. "We don't have anything farther to share with you".

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. Facebook's decision to pursue blockchain technology will most certainly add some validity to the crypto industry, which has been very chaotic. One of the sources said that Facebook could make acquisitions in the field in order to develop its own cryptocurrency.

"Payments using crypto right now is just very expensive, super slow, so the various communities running the different blockchains and the different assets need to fix all the issues, and then when we get there someday, maybe we'll do something", Marcus said in an interview with CNBC.

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