Facebook Shuffles Its Management To Introduce Blockchain Division

Posted May 12, 2018

"I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch". In India alone, there are around 270 million Facebook users, out of more than 2 billion monthly users worldwide.

The social network is "very serious" about the possibility of building its own digital currency for secure online payments, a person familiar with Facebook's plans told news site Cheddar. The admission follows a report from Cheddar's Alex Heath that claimed that the company wanted to use cryptocurrency for making payments on its platform.

That Facebook would form a team specifically dealing with blockchain is especially intriguing, and a clue the company is indeed interested in developing some form of cryptocurrency.

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Facebook's apparent decision to pursue the development of an actual cryptocurrency certainly raises more questions than it answers.

So, the team included at least 10 employees of Facebook, and will be headed by its Vice-President in charge of Messenger David Marcus. "This doesn't mean that Facebook will build its own cryptocurrency, but there are many ways that blockchain technology could be used that have nothing to do with cryptocurrencies, including encrypted data storage".

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. "We don't have anything farther to share with you".

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The social network is also among online platforms that came under fire for being used to spread misinformation and foment division ahead of the United States presidential election in 2016.

Another Facebook executive said Facebook will possibly need to make "acquisitions in the blockchain and cryptocurrency space to develop its own virtual currency".

It is noted that the cryptocurrency will be created to process electronic payments within the social network. Facebook in the past offered Facebook Credits, a way to pay for games and other items electronically.

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