Friday, 17 August, 2018

Facebook could soon launch its own Bitcoin rival

Facebook management leaves to launch blockchain Facebook shakes up management, main divisions get new heads
Troy Mann | 12 May, 2018, 04:42

"Sources say that Facebook is specifically interested in creating its own digital token, which would allow its more than two billion users to facilitate transactions without government-backed currency".

Facebook confirmed the co-founders exit and the company promised to give its comment behind the shakeup.

A possible Facebook cryptocurrency would let the company's users more easily buy goods from each other through the social network "without government currencies" the report said. Companies often shuffle executives to work on different products to bring a fresher perspective and to help the teams more easily identify problem areas.

Facebook Vice President of Messaging Products David Marcus announced this week that he was leaving the Facebook Messenger team to establish a small project team that will focus on blockchain technology, the backbone structure of cryptocurrencies.

We'll keep our ear to the ground for further developments on Facebook's cryptocurrency plans, but it could be some time before these come to fruition. One of the sources said that Facebook could make acquisitions in the field in order to develop its own cryptocurrency.

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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 objective.

So, the team included at least 10 employees of Facebook, and will be headed by its Vice-President in charge of Messenger David Marcus.

It's unclear how exactly Facebook (fb) would use its own cryptocurrency, but a possible Bitcoin-like coin could let people more easily sell goods internationally through the company's growing Marketplace online classified section. Marcus, an early Bitcoin investor and board member at Coinbase, interestingly worked at Paypal, a service people can use to make payments on Messenger.

The social network is also among online platforms that came under fire for being used to spread misinformation and foment division ahead of the United States presidential election in 2016. Facebook in the past offered Facebook Credits, a way to pay for games and other items electronically. Marcus told CNBC in February that despite his interest in the blossoming technology, it won't play a roll in the platform anytime soon.

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