Facebook is planning to launch cryptocurrency for its platform

In the light of recent events, popular social media site Facebook has shown a lot of interest in crypto space. And yes Facebook is reportedly planning to launch its own cryptocurrency for its platform.

Earlier this week we heard of the Facebook forming team to explore Blockchain. Now the company is utilizing the same team in the creation of digital token for its platform.

The news was published on a financial news outlet called  Cheddar and Alex Heather, a senior reporter said that,

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 is also looking at other ways that it could use this core blockchain technology that underpins these popular cryptocurrencies like bitcoin and ethereum

Furthermore, he mentioned that although the information came from unknown sources, the company is keen on cryptocurrency research.  Apart from providing a digital token for payment, the social media giant is focusing on leveraging blockchain technology to enhance its authentication process and backend infrastructure

David Marcus, who formerly served as President for Paypal will lead this newly formed team and his expertise in digital payments will help the company come up better decisions.

This certainly is a ‘strategic decision’ for a company whose Market cap accounts for $533 billion. Almost $140 billion more than current cryptocurrency market. Essentially this will be an important step for the organization in setting up the required blockchain infrastructure.

While Facebook is plotting to start its own cryptocurrency other players in social media market have begun to show interest in crypto space. For instance, Telegram who raised $1.7 billion through crowdfunding and messaging platform Kik is creating digital token called Kin

While we are not sure of the organization next movement but the as per reporter Heath, the possible option are of airdropping the coins or any other technique to use blockchain.