Facebook is looking into creating its own cryptocurrency, according to a report by Cheddar.Reportedly, unnamed sources familiar with the matter said Facebook is “very serious” about its consideration of building its own decentralized digital currency.
Cheddar’s report follows an announcement from Facebook’s head of Messenger David Marcus, who said on Tuesday that he plans to leave his current position in order to explore uses of the blockchain at Facebook. At the time, Marcus didn’t mention any possible applications for the blockchain.
However, cryptocurrency insiders are speculating that Facebook’s interest in blockchain technology might have something to do with payments. Additionally, one former Facebook employee told Business Insider that Facebook might be interested in creating a digital currency that could be used as a system of payments on the site. It’s thought that if Facebook offered a cryptocurrency, it could create a seamless payment platform on the site that could be accessible even by individuals who are unbanked.