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Facebook May Create Its Own Cryptocurrency

Facebook may be considering creating its own cryptocurrency, allowing its billions of worldwide users to make electronic payments with the digital coin, the TV news network Cheddar reported Friday.

Facebook started studying blockchain last year, and said publicly this week that it is looking for ways to use the blockchain decentralized ledger idea. The team that will work on blockchain at Facebook will be led by David Marcus, the former president of Paypal, who also was an early investor in Bitcoin and is on the board of Coinbase, which runs a major cryptocurrency exchange.

Cheddar cited an anonymous source, said to be familiar with internal workings at Facebook, in reporting that the company will explore the idea of a digital currency. It didn’t have further details.

“Like many other companies Facebook is exploring ways to leverage the power of blockchain technology,” a Facebook spokesperson told Cheddar, without confirming the report. “This new small team will be exploring many different applications. We don’t have anything further to share.”




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