Facebook could soon launch its own Bitcoin rival

Untitled design

Last week, Facebook had brought the vice president in charge of the Messenger app, David Marcus, erstwhile president of Paypal, to lead a new team to study blockchain and its future implications. At the time of writing, Facebook's market cap is around $540 billion Dollars according to ycharts, nearly $200 billion more than the market cap of the entire crypto space. "For Facebook, the fundamental issue that they're grappling with is very suited to the technology of blockchain".

United States media reports indicated that a disagreement with Facebook over the privacy of user data may have also been a factor in Koum's decision to quit his position as a high-ranking executive and likely leave his seat on the board at the leading online social network.

Notably, in India Facebook is now staging beta test for its own payment product.

Marcus leads a group of not as much as dozen Facebook representatives dealing with the blockchain.

Earlier it was reported that Zuckerberg was thinking about using a cryptocurrency in the services of Facebook.




According to Cheddar, sources familiar with the matter told the outlet that the social media giant is now exploring creating its own virtual tokens.

In a statement after, face book mentioned: "Like many other programs, face book is researching ways to leverage the ability of Blockchain technological innovation".

According to one person, Facebook is "very serious about it", referring to developing its own cryptocurrency.

"This new small team will be exploring many different applications", the spokesperson said.

He added that the company is also evaluating how it can use blockchain technology to improve identity verification and secure its backend infrastructure - perhaps even including how it manages customer data. Creating and controlling a universal currency could put Facebook into a unique position going forward. There is a range of possibilities of how the social media giant could introduce its digital currency. Earlier in 2009, it released Facebook Credits, which could be used to purchase virtual goods in popular games like Farmville.

Related news:

Hot News

isis-killer-beheading-video-story-top Carvalhal to Leave at the End of the Season
May 12, 2018 - 14:22
Sky Bet are offering a whopping 150/1 for Swansea to avoid relegation in the 2017/18 Premier League season. Former Wales manager Chris Coleman has become available after leaving Sunderland.

isis-killer-beheading-video-story-top Google reassures critics that Duplex AI will disclose its robot identity
May 12, 2018 - 14:22
The vision for Duarte and Google at large is to free up all that data and make the interfaces that lock it away disappear. The company is placing robots in conversations with humans, without those people realizing.

isis-killer-beheading-video-story-top Madame Tussauds' Meghan Markle Was Just Unveiled-Her Outfit Is Perfect
May 12, 2018 - 14:20
Apparently, like Kate, Meghan wants her makeup to be natural, so has asked friends who know who well to help out. Recall, the half-brother of Megan Markle wrote a letter to Prince Harry with the request "not to marry Megan".

isis-killer-beheading-video-story-top Secretary Nielsen Almost Resigned After Tense Cabinet Meeting
May 12, 2018 - 14:19
A recent target of the president has been a migrant caravan traveling from South America to the US border. Trump berated Nielsen in front of the entire cabinet on Wednesday.

isis-killer-beheading-video-story-top Mourinho 'not totally happy' with second place
May 11, 2018 - 01:06
Thursday's game would not be his first against his former club as West Ham opened the season at Old Trafford on August 13. One of the only players who can be proud of their performance.

isis-killer-beheading-video-story-top RBS agrees 'milestone' £3.6bn USA fine over subprime lending
May 11, 2018 - 01:04
Under the terms of the deal, the bailed-out lender has agreed to pay a civil monetary cash penalty of $4.9 billion (£3.6 billion). Additionally, USD 1.44 billion would be taken as an incremental charge in the second quarter of the year to settle the rest.

Pound dips after Bank of England holds rates
May 11, 2018 - 01:01
Practically, this largely involves the Bank adjusting interest rates to try and keep inflation at, or as close to, a target of 2%. Any future rate hike will be "gradual and limited" as Brexit-related uncertainties weigh.

isis-killer-beheading-video-story-top United Kingdom apology over Libyan dissident rendition
May 11, 2018 - 01:01
While Boudchar was awarded half a million pounds in compensation, Belhaj has neither sought, nor received a financial settlement. Boudchar was in the public gallery of the House of Commons with her son, now 14, to hear the apology.

isis-killer-beheading-video-story-top How Analysts Rated Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Last Week?
May 11, 2018 - 00:58
J Goldman & Company Lp increased Jd Com Inc (Call) (NASDAQ:JD) stake by 60,000 shares to 90,000 valued at $3.73 million in 2017Q4. The ratio is negative due to Sinclair Broadcast Group, Inc. positioning: 31 sold and 73 reduced. (NASDAQ: SBGI ).

isis-killer-beheading-video-story-top SpaceX launch for first Falcon 9 Block 5 set for Thursday evening
May 11, 2018 - 00:57
Once in orbit and checked out by Thales, the satellite will be operated by the Bangladesh Telecommunication Regulatory Commission. The first crew-carrying flights using this system could come as early as this year, SpaceX representatives have said.

Saudi Arabia may fill in the gap for Iranian oil post-sanctions
May 10, 2018 - 14:10
The U.S., which is one of the kingdom's most important military suppliers, has backed the coalition with logistical support. "We have made it very clear that if Iran acquires a nuclear capability we will do everything we can to do the same".

isis-killer-beheading-video-story-top Trump seeks support from Nigeria, other Africans to host 2026 World Cup
May 10, 2018 - 14:08
The Club World Cup could be expanded to 24 teams - including 12 from Europe - and staged every four years instead of annually. He also asked why they should be supporting countries when those countries don't support them, including at the UN.

isis-killer-beheading-video-story-top USA ban causes ZTE to cease main operations
May 10, 2018 - 14:08
ZTE did say that it is trying to get a modification or reversal to the ban, though. "ZTE made false statements to the U.S. The Chinese mobile giant then lied to investigators when it declared the dealings had stopped.

isis-killer-beheading-video-story-top At least 21 dead after dam bursts in Kenya
May 10, 2018 - 14:06
The Red Cross reports that more than 260,000 Kenyans have been displaced by the rains, which came after a gruesome drought. Private television station KTN News said that 20 bodies had so far been recovered from the scene.

isis-killer-beheading-video-story-top I can't believe we survived - Wagner shocked by Huddersfield efforts
May 10, 2018 - 14:04
Conte declined to look beyond this season, with the trip to Newcastle followed by the May 19 FA Cup final with Manchester United. To do so, they must win at Anfield and Tottenham Hotspur would have to fail to beat Leicester City at Wembley.