Facebook ponders its own cryptocurrency

Facebook management leaves to launch blockchain

More recently, Recode reported Messenger VP David Marcus would be placed in charge of a team whose sole job would be to "explore how to best leverage blockchain across Facebook, starting from scratch". In India alone, there are around 270 million Facebook users, out of more than 2 billion monthly users worldwide.

According to Cheddar, it would be a way for the social network's billions of users to make electronic payments on the platform, as well as outside it. Citing anonymous sources, the company is considered to be "very serious" about the idea and has asked its blockchain research arm to look into introducing its own cryptocurrency.

USA media reports indicated that a disagreement with Facebook over the privacy of user data may have also been a factor in Koum's decision to quit his position as a high-ranking executive and likely leave his seat on the board at the leading online social network.

After the announcement made last week by Jan Koum, the Whatsapp co-founder, that he is exiting the company, Chris Daniel who was at the helm of a Facebook effort to expand internet access will head Whatsapp.

Marcus leads a group of not as much as dozen Facebook representatives dealing with the blockchain. Facebook's cryptocurrency interest appears closer to becoming a reality, given Marcus' experience in the field of finance and cryptocurrencies.

He's About to Be the Oldest Elected Leader in the World
Najib, 64, has faced criticisms over the rising cost of living and the government's handling of the still-missing flight MH370. Barisan Nasional, the former ruling party that ran the country for the past six-decades won only 79 seats.

Facebook reshaped its product and engineering teams into three units, including an emerging technologies division focused on blockchain technology used for cryptocurrencies.

It is also exploring ways to leverage the power of blockchain technology and many different applications, added the report.

However, "people familiar with the matter said the social network doesn't have plans to hold a so-called initial coin offering (ICO) by offering a limited number of virtual tokens for the public to buy at a set price", the report said late Friday. "We don't have anything further to share". Creating and controlling a universal currency could put Facebook into a unique position going forward.

This is not the first time the social platform is experimenting with virtual currency.

Related News:



Most liked

Google's AI Can Talk Like Humans, Opens Many Questions
The vision for Duarte and Google at large is to free up all that data and make the interfaces that lock it away disappear. But others had a different impression and are questioning the ethics of an AI deceiving people by acting human.

Boris Johnson attacks PM's customs plan as "crazy"
Labour's Lord Alli, one of the signatories to the amendment, accused the party leadership of being "paralysed by indecision". The UK, which put forward two alternative proposals previous year , has yet to confirm its favoured model.

Motorized Control Valves Sales Market Outlook 2024, Global Opportunity & Growth Analysis
It has become a leader in delivering fact-based insights, enabling their clients to improve profitability and accelerate growth. This report is prepared using data sourced from in-house databases, secondary and primary research team of industry experts.

As Walmart Swallows Flipkart, the Dream of an Indian Alibaba is Dead
Sachin Bansal said he will be "cheering from the outside" and urged Flipkart team to continue with the momentum. What do the world's largest retailer Walmart and India's largest online marketplace have in common?

Raptors' Casey wins coach of the year honour from peers
To be clear, this isn't NBA Coach of the Year-that honor will be handed out at the NBA Awards , which will air on TNT, June 25. TORONTO (AP) - Raptors head coach Dwane Casey knows this much about his future in Toronto: his key to the gym still works.

Kyle Edmund shoots for stars after downing Djokovic
Edmund earned his 6-3, 2-6, 6-3 win over the 10th-seed and former world No.1 Djokovic in an hour and 29 minutes, reports Efe. Unseeded Sharapova will next face last year's finalist Kristina Mladenovic , who edged China's Zhang Shuai 6-4 4-6 6-3.

Walmart buys 77 percent stake in Flipkart for Dollars 16 billion
Amazon has been selling grocery in India for the past one year, while Flipkart has not rolled out this category. Walmart will offer a 100% buyback of vested shares by Flipkart employees, ET Now reported , citing sources.

Sears partnership with Amazon sends retailer's shares surging
Walmart (WMT), which also installs tires, tumbled 3.6% after announcing a $16 billion deal to buy 77% of India's Flipkart. Other retailers have been teaming up with Amazon.com Inc., hoping to reach the online retailer's millions of customers.

Tottenham securing Champions League a 'massive achievement' - Pochettino
And Pochettino knows how important it was to ensure there would be Champions League football in their new home next season. The England global exchanged passes with Heung-Min Son before beating Dubravka with a shot from just inside a crowded box.

Saudi Ready to 'Mitigate' Impact of Iran Oil Sanctions
America's hawks would surely take issue with that whiffle bat analogy, since Tehran has long wanted to build a nuclear arsenal. USA politicians will want to avoid being blamed for a further escalation in the run up to congressional elections in November.

Rooney eyeing shock Everton summer exit
The talks are thought to have gone well with Everton willing to let the 32-year-old leave Godison Park. Wayne Rooney has spent the past 16 years of his footballing life in the Premier League .

Nestle buzzing in $9.5b deal to sell Starbucks coffee
Susquehanna analyst Pablo Zuanic explains how the Starbucks (NASDAQ: SBUX )-Nestle ( OTCPK:NSRGY ) deal changes the landscape. The company also confirmed that from next year, it will use Starbucks brand in its Dolce Gusto and Nespresso brands.

'Iranian forces' fire rockets at Israeli positions in Golan Heights
Syrian air defences fired at two Israeli missiles, destroying both, Syrian state news agency SANA said. Israel describes Iran as its biggest threat and Hezbollah as the biggest threat on its borders.

MLB London Series Set for June 2019
These are the two best baseball teams in the world and arguably the two best sporting teams in the world. We could not be happier that Commissioner Manfred has been able to make this a reality.

Nikol Pashinyan is elected Prime Minister of Armenia
A year later Pashinian was elected to the National Assembly on the ticket of Ter-Petrosian's Armenian National Congress (HAK). In a referendum in 2015, Armenia adopted constitutional changes to move the powers from the president to the prime minister.