Facebook could be soon launching its own cryptocurrency
Cryptocurrency markers are abuzz with news that Facebook too might be looking to explore creating its own Cryptocurrency. Are the news true and how exactly is Facebook looking to make profit from the Blockchain technology, read on to know more.
The controversial Bitcoin is keeping the investors on the edges of their seats. Though RBI has cautioned the use of crypto-currency and plans to put a blanket ban on the same by issuing a stern warning to the investors, Google is also taking several steps to remove the crypto currency advertisements from the top internet pages and Google searches, but the storm refuses to calm down. Even once the social networking giant, Facebook banned the ads that promoted the use of cryptocurrency, bitcoin, ICO and binary options trading from its platform, thus making us believe that it is against the wave, but now it's planning to rejig its decision by launching its own Cryptocoin and Blockchain technology. Let's dive into the deep details.
The rumor bills are ablaze that Facebook is soon launching its own crypto-currency on the similar parameters like Bitcoin. Right now, this social networking service has more than two billion users globally and launching the cryptocurrency will help them to make the payments using this virtual currency. This news has poured in right after the Facebook has planned to launch its own digital payments space and a Blockchain division. Facebook dives into the Blockchain division
The news stems from the fact that Facebook CEO, Mark Zuckerberg is building a dedicated new team for its Blockchain division. The Blockchain team would come under the new platform managed by Chief Technology Officer who takes care of Facebook AR, VR, and Artificial Intelligence initiatives. The company is starting from the scratch. However, people who are aware of this matter have said that the social networking company doesn't have plans to launch the ICO or Initial Coin Offering. David Marcus, the vice president of the messenger app, has clearly confided that the company is keen to set a small group to explore the Blockchain technology. . Given the background of Marcus, it's not impossible for Facebook to launch its own crypto-currency. He is an avid bitcoin investor and overzealous cryptocurrency investor, Marcus once served as the president of PayPal.
So far no details have been shared yet, but it has released a few details about the bitcoin initiative and it is certain that Facebook is soon going to make a mark in the financial history by launching its own bitcoin and Cryptocurrency.
"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."
This decision has been taken after the company was alleged for its massive data breach, and with this decision the company plans to bounce back to its pre-scandal image, Zuckerberg apologies and testimonies raised in front of the Congress government along with Facebook positive growth trajectory has helped the company to recover from the deep crisis and has restored its share price as well.
In the end, we can say that the company's decision to launch its own cryptocurrency will sure add smiles to the faces of the investors and will diversify its sector.
