Facebook has plans to launch its own cryptocurrency

Tyrone Stewart

Mark ZuckerbergFacebook has reportedly begun looking at potentially creating its own cryptocurrency following a major executive reshuffle, which saw the setting up of a new blockchain division, last week.

According to Cheddar, citing sources, Facebook is serious about the idea of developing its own cryptocurrency but doesn’t intend to hold an initial coin offering (ICO) in order to kickstart its plans, though the company itself has refused to divulge any information beyond confirming that it is exploring blockchain technology.

What we do know is that the new blockchain division is being led by former head of Messenger David Marcus and is made up of fewer than a dozen people, including Instagram’s former VP of engineering, James Everingham, and former VP of product, Kevin Weil.

Facebook has ventured into the idea of virtual currency in the past. Way back in 2009, Facebook released Facebook Credits, enabling users to buy virtual items in games like Farmville. The feature was, however, shut down two years later after failing to catch on.