Facebook 'Serious' About Creating Own Cryptocurrency

12 May, 2018, 14:21 | Author: Gary Shelton
  • Facebook management leaves to launch blockchain

After poaching Medium's corporate development expert Morgan Beller in mid-2017, Facebook tasked her with exploring opportunities in the blockchain space, having now constructed an entire team around that idea.

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. "I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch", Marcus said in a Facebook post.

Marcus later shared a message on Facebook confirming the move. Weil is now the head of product at Instagram and he is quitting this job to join Facebook's blockchain division.

Ripple and other cryptocurrencies who are working assiduously to get the world seamless cross-border remittance may receive a life-threatening competition from Facebook anytime soon. The work on cryptocurrency just started and it might take years for the company to materialize things.

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"They are very serious about it", an anonymous source told Cheddar.

"Like many other companies, Facebook is exploring ways to benefit from the opportunities provided by the technology of the blockchain", - said the TV channel the representative of the social network.

"This new small team will be exploring many different applications", the spokesperson said. "We don't have anything further to share", Facebook said in a statement to TheVerge.

Facebook has over two billion users globally and launching cryptocurrency will allow them to make payments using a virtual currency like Bitcoin.

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On Friday, IBM's (ibm) blockchain chief Bridget van Kralingen told Fortune that blockchain technology could help Facebook deal with some of the company's recent data privacy controversies.

International spending Blockchain solutions is forecast to achieve £2.1 billion (approximately Rs. 1,41,52.4 crore) at 2018, more than double of the £ 945 million (approximately Rs. 63,68.6 crore) put in in 20 17, promote analysis firm International Data Corporation (IDC) stated earlier that season.

Let's how and when Facebook will bring its cryptocurrency, how it will grab the trust of the users in terms of security.

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