Facebook is presently working on creating its own cryptocurrency, This digital token that would allow Facebook billions of users around the world to make electronic payments, people familiar with Facebook’s plans. According to Cheddar, it would be a way for the social network’s billions of users to make electronic payments on the platform, as well as outside it. There are no real details about the project; all we know is that a source who asked not to be identified told Cheddar, “.
Though there is no specific timeframe for the unveiling of the token they are very serious. Moreover, David Marcus the Vice President in charge of Messenger App, early Bitcoin investor, ex-president of Paypal and Board member of Coinbase will be leading the new group that their intention is to explore how Facebook can leverage of Blockchain technology which is the overall platform ledger system for the cryptocurrency. Many other key Facebook personnel are in this group like the Instagram VP of Product and other key members of staff including the CEO Mark Zuckerberg
Facebook has started looking into this area since last year summer and even David Marcus talk about this in a conference when asked about cryptocurrency and he talks about the transaction time and that Facebook can influence if they enter into the market space. knowing that facebook like a disrupting attitude to everything. we @techconvos believe that this is another technology that Facebook has the strength to disrupt.
According to Cheddar, Facebook will likely need to make acquisitions in the blockchain and cryptocurrency space to develop its own virtual currency, one of the people said. Blockchain technology could also be used to help Facebook verify the identity of accounts and encrypt data.
This facebook move came when issues are being raised about the future of cryptocurrency and many are using the up and down of bitcoin as a condition to advice the public against cryptocurrency tell us what you think below on our comment space we really love to hear from you. it is #Techconvos and we suggest a name #facecoin