Facebook has plans for cryptocurrencies

Facebook has plans for cryptocurrencies

Coinbase.png

Facebook is planning to launch its own cryptocurrency. The report follows news last week that the social network was in the throes setting up a dedicated blockchain unit, headed up by the company’s vice president of Messenger, David Marcus, who explained that the new 0utfit would “explore how to best leverage Blockchain across Facebook, starting from scratch”.

However, Facebook is remaining tight-lipped on crypto and blockchain. “Like many other companies Facebook is exploring ways to leverage the power of blockchain technology. This new small team will be exploring many different applications. We don’t have anything further to share,” it said in a statement.

Interestingly, Marcus, formerly of PayPal, last year joined the board of Coinbase. “I’ve been involved with, and fascinated by cryptocurrencies since 2012, and I’ve witnessed how Coinbase has started democratising access to this new asset class,” he said on coming onboard.

Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies

Image: Coinbase

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