Facebook Could Be Creating Its Own Cryptocurrency

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"They are very serious about this", - quotes the words of one channel of his companions.

Facebook started studying blockchain nearly a year ago, when a member of its corporate development team, Morgan Beller, began looking at how the social platform could use the emerging technology.

Facebook reshaped its product and engineering teams into three units, including an emerging technologies division focused on blockchain technology used for cryptocurrencies. The former leader of news feed, Adam Mosseri, was named head of product at photo-sharing app Instagram, replacing Kevin Weil, who will join the blockchain team.

As a company, Facebook boasts billions of users, with the implementation of any cryptocurrency promising monumental returns on investment if it were to be applied.

Marcus is no rookie when it comes to this field because before he was working for the company, he was the president of PayPal, and was an early investor in Bitcoin.

Recode reports "The blockchain, which serves as the technical foundation for all cryptocurrencies - like bitcoin - is all the rage". Plans for blockchain had been omitted from the 10-year-old roadmap which the executives were trying to sell and the executives have been tight-lipped from then on about any plans regarding the cryptocurrency.

Like many other companies Facebook is exploring ways to leverage the power of blockchain technology.

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"This new small team will be exploring many different applications", the spokesperson said.

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.

As part of the news, it was revealed that Facebook now has a blockchain division, run by David Marcus.

Facebook is now considering developing and implementing its own form of cryptocurrency on its social media networking site. Blockchain technology could also be used to help Facebook verify the identity of accounts and encrypt data.

The social network is also among online platforms that came under fire for being used to spread misinformation and foment division ahead of the U.S. presidential election in 2016.

U.S. media reports indicated that a disagreement with Facebook over the privacy of user data may have also been a factor in Koum's decision to quit his position as a high-ranking executive and likely leave his seat on the board at the leading online social network. But the feature never gained traction, and Facebook shut it down two years later.

While not directly mentioned, the executive moves confirmed on Tuesday come as Facebook strives to move past the recent privacy scandal involving Facebook and Cambridge Analytica.

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