Facebook says it plans to develop its very own cryptocurrency. While details are scant, a virtual currency tied into the world's largest social media network would permit its billions of users to make seamless electronic payments.
“They are very serious about it,” said one of the people, who asked not to be identified discussing unannounced plans.
Indeed, Facebook began studying blockchain a little more than a year ago.
“Like many other companies Facebook is exploring ways to leverage the power of blockchain technology," a Facebook spokesperson told Cheddar after this story was first published on Friday. "This new small team will be exploring many different applications. We don’t have anything further to share.”
Facebook’s work on blockchain technology and cryptocurrency will likely take years to materialize and an Initial Coin Offering or ICO commonly held by cryptocurrency startups was highly unlikely.
source
“They are very serious about it,” said one of the people, who asked not to be identified discussing unannounced plans.
Indeed, Facebook began studying blockchain a little more than a year ago.
“Like many other companies Facebook is exploring ways to leverage the power of blockchain technology," a Facebook spokesperson told Cheddar after this story was first published on Friday. "This new small team will be exploring many different applications. We don’t have anything further to share.”
Facebook’s work on blockchain technology and cryptocurrency will likely take years to materialize and an Initial Coin Offering or ICO commonly held by cryptocurrency startups was highly unlikely.
source
