{"id":51760,"date":"2018-05-11T15:41:46","date_gmt":"2018-05-11T22:41:46","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=51760"},"modified":"2020-04-09T18:43:18","modified_gmt":"2020-04-09T17:43:18","slug":"facebook-may-be-planning-to-launch-a-native-cryptocurrency","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/facebook-may-be-planning-to-launch-a-native-cryptocurrency\/","title":{"rendered":"Facebook May Be Planning to Launch a Native Cryptocurrency"},"content":{"rendered":"

The world's leading social network is looking into the potential of blockchain technology to facilitate peer-to-peer payments. According to a report from The Verge<\/a>, Facebook is “very serious” about launching its own native cryptocurrency.<\/p>\n

As of March 23, 2018, Alexa<\/a> has ranked Facebook as the world's third-most visited website. If the internet giant follows through with their plans to create a native cryptocurrency, it could have a significant impact on the public's opinion of blockchain\u00a0tech given their immense user base.<\/p>\n

\"Facebook
Related Story:\u00a0Facebook Forms Blockchain Group for Solutions to Data Privacy<\/a><\/figcaption><\/figure>\n

In the past, Facebook has had issues in the past with identity verification and a transparency advertising policy \u2013 blockchain could\u00a0be their solution.<\/p>\n

However, an actual “Facebook Coin” is likely years away. The fourteen-year-old company is still figuring out how they are going to implement the new technology, but they are\u00a0“very serious” according to a report from Cheddar<\/a>.<\/p>\n

Facebook has released the following statement to The Verge<\/a>:<\/p>\n

“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\u2019t have anything further to share.”<\/p><\/blockquote>\n

Facebook's Blockchain Team<\/h2>\n

Facebook has a team of just under twelve people working on the project. Although small at first, the team is comprised of\u00a0key\u00a0Instagram\u00a0executives including\u00a0James\u00a0Everingham,\u00a0 Instagram's VP of\u00a0Engineering and\u00a0Kevin\u00a0Weil, Instagram's VP of Product.<\/p>\n

\"\"
David Marcus, the previous head of Messenger at Facebook and Coinbase board member.<\/figcaption><\/figure>\n

Everingham and Weil will be working alongside David Marcus, the lead of Facebook's messaging app, Facebook Messenger. Stan Chudnovsky,\u00a0previously Messenger's head of product, will take over as Messenger's project lead.<\/p>\n

Prior to his work at Facebook, Marcus was the president of PayPal, a worldwide online payments\u00a0system.<\/p>\n

Evidently, Marcus has plenty of experience in the field of payment processing \u2013 he was also an early adopter of Bitcoin, and in December he joined the board of Coinbase.<\/p>\n

Facebook has remained tight-lipped with regards to the project thus far. It seems as though the team is still researching potential applications of the blockchain, but the future looks bright. Facebook has joined the crypto forefront and has a dedicated team of talented individuals exploring the possibilities of blockchain technology.<\/p>\n","protected":false},"excerpt":{"rendered":"

The world’s leading social network is looking into the potential of blockchain technology to facilitate peer-to-peer payments. According to a report from The Verge, Facebook is “very serious” about launching its own native cryptocurrency. As of March 23, 2018, Alexa has ranked Facebook as the world’s third-most visited website. If the internet giant follows through […]<\/p>\n","protected":false},"author":17,"featured_media":51786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,61045,38],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nFacebook May Be Planning to Launch a Native Cryptocurrency<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/facebook-may-be-planning-to-launch-a-native-cryptocurrency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Facebook May Be Planning to Launch a Native Cryptocurrency\" \/>\n<meta property=\"og:description\" content=\"The world's leading social network is looking into the potential of blockchain technology to facilitate peer-to-peer payments. 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