According to financial news, Social Media giant Facebook is exploring the benefits of launching its own crypt money to the market.
According to information received from sources close to the subject, experienced journalist Alex Heath, Facebook in on the verge of releasing its own cryptocurrency whose $533 billion market cap is $140 billion larger than the cryptocurrency market cap. Heather:
“Sources say that Facebook is specifically interested in creating its own digital token, which would allow its more than two billion users to facilitate transactions without government-backed currency. Facebook is also looking at other ways that it could use this core blockchain technology that underpins these popular cryptocurrencies like bitcoin and ethereum.”
He noted that the company has opted for blockchain technology to improve authentication and server infrastructure security, and perhaps even better manage customer data.
Facebook has built a team focused on investigating the technology of blockchain. The team’s lead is David Marcus who is a member of Coinbase board directiors.
Marcus, who had previously been president of Paypal , is a very straightforward advocate of crypto money and this experience of digital payment company makes him an ideal choice for a potential step that Facebook will take in this space.
This initiative may lead to “strategic acquisition”s in the trustee, crypto money world, as Facebook does not want to create its own blockchain infrastructure.
Discussions are still in the first phase, and if Facebook decides to release their own crypto money, it will be “years away”
Facebook is not the only social media platform that wants to remove its crypto currency. Telegram is also trying to launch its own crypto – “third-generation blockchain” called Telegram Open Network .
According to Heath, Facebook currently does not look at any initial coin offering project because it has billions of dollars in the company’s account, and selling this token can put the company’s already tough days into a worse bog. Instead, company coins can be given to users in the form of a free gift.
