Facebook is reportedly looking into its own cryptocurrency

Facebook creates Blockchain Division to be led by Coinbase board member

The development comes days after reports surfaced online said that Facebook is setting up a blockchain and it's not a joke as technology website Cheddar reported that Facebook is very serious about it.

Facebook named new leaders for some of its main divisions, including the core social network, WhatsApp and Messenger, in the biggest management reshuffling since the company's founding. "We don't have anything farther to share with you".

"I am establishing a little group to explore the way you can best leverage Blockchain around face book, beginning scratch", David Marcus, now the executive incharge of face book Messenger, claimed at a post.

At the time, Beller was the only Facebook employee devoted to studying blockchain, the digital and decentralized ledger that underpins cryptocurrencies like Bitcoin and Ethereum.

On March 11th, Facebook revealed to Cheddar that they are in the beginning phases of developing a new cryptocurrency, which is a virtual token that would allow its billions of users around the world to make electronic payments.

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The new blockchain team would come under "New platforms and infra" run by Chief Technology Officer (CTO) Mike Schroepfer, who will also take care of Facebook's AR, VR and Artificial Intelligence initiatives.

According to Recode, the company has made long-time executive Chris Cox in-charge of Facebook, Instagram, WhatsApp and Messenger - now called a "family of apps". At the time of writing, Facebook's market cap is around $540 billion Dollars according to ycharts, nearly $200 billion more than the market cap of the entire crypto space.

At present, the company is reported to be specifically focused on using cryptocurrency for facilitating payments on the platform. Blockchain technology could also be used to help Facebook verify the identity of accounts and encrypt data. One of the sources said that Facebook could make acquisitions in the field in order to develop its own cryptocurrency.

During an interview at a conference in February, Marcus said Facebook didn't have plans to integrate cryptocurrency into its apps anytime soon.

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