Facebook reportedly working on its own Bitcoin-like cryptocurrency

Facebook reportedly working on its own Bitcoin-like cryptocurrency

Facebook reportedly working on its own Bitcoin-like cryptocurrency

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

While confirming the creation of the new blockchain team in a Facebook post earlier this week, Chief Executive Officer Mark Zuckerberg didn't elaborate on its goal.

According to sources, Facebook's work in this area can take years and will require the purchase of other companies who work on Baccano and cryptocurrencies. "We don't have anything further to share", Facebook said in a statement to TheVerge. Reportedly joining Morgan Beller, a member of Facebook's development team, in researching blockchain is the company's vice president of Messenger, David Marcus, who will lead an expanded team.

According to Recode, the company has made long-time executive Chris Cox in-charge of Facebook, Instagram, WhatsApp and Messenger - now called a "family of apps". He knows much about cryptocurrency for the fact that he's an early Bitcoin investor, and to cap it all, in December, 2017, he joined the board of Coinbase. Facebook's cryptocurrency interest appears closer to becoming a reality, given Marcus' experience in the field of finance and cryptocurrencies.

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FBN's Charlie Gasparino discusses how the cryptocurrency and blockchain industries are trying to establish a self-regulatory organization to become more legitimate. "However, Facebook deson't have plans to hold a so-called initial coin offering (ICO) by offering a limited number of virtual tokens for the public to buy at a set price", the report added.

Another Facebook executive said Facebook will possibly need to make "acquisitions in the blockchain and cryptocurrency space to develop its own virtual currency". There is a range of possibilities of how the social media giant could introduce its digital currency. The company also unveiled a new initiative to explore the use of blockchain. Facebook in the past offered Facebook Credits, a way to pay for games and other items electronically.

During an interview at a conference in February, Marcus said Facebook didn't have plans to integrate cryptocurrency into its apps anytime soon.

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