Facebook has over 2 billion users all over the world and cryptocurrency is the centre of attraction to the world right now. So it makes sense that Facebook will explore the option of creating a social media payment platform. Facebook has always been very clear and transparent about their plans but this time they are being quite tight-lipped about this announcement. A week ago a statement from Facebook was released saying that they are exploring options to utilize blockchain technology as the best leverage. In fact, it has also been said that they are setting up a blockchain unit inside the Facebook office.
Facebook has just setup an internal team to work on Blockchain tech! I wonder if they'll release a public blockchain. If it's public, will you buy the Facebook crypto coin if available? #blockchain #cryptocurrency #facebook— Nischal (WazirX) (@NischalShetty) May 10, 2018
It is known that they are seriously considering the option of their own cryptocurrency but they have not made any official statement saying so. However, the plan has been announced to the employees according to a spokesperson. Though the Facebook insiders say that they won’t be launching their own cryptocurrency this year, they are interested in using the blockchain technology. They have no plans for an ICO but they believe that the technology can be used for many other things than payments. It can be helpful to the company in data encryption and also identity verification. In light of recent privacy breach problems, people are very positive that the technology will help build un-breachable data storage. It will also bring in trust of people back.
One more interesting fact is that David Marcus, the creator of Facebook Messenger is an active investor of Bitcoin and has a keen interest in cryptocurrency. A few months ago he denied any plans of cryptocurrencies or technology integration of any kind but now he has gathered a small group of people who will explore potential applications of blockchain technology. Six months ago, he also joined Coinbase board.
With all the confusion all around, only time will tell if we will ever see a Facebook coin or not.