Report: Facebook Is Considering Creating Its Own Cryptocurrency 

Report: Facebook Is Considering Creating Its Own Cryptocurrency 

Life comes at you fast. On Wednesay, news broke that Facebook formed a blockchain division. Now it there is word that the company is looking into creating its own cryptocurrency.

Photo: Justin Sullivan (Getty Images)

Cheddar reported today that Facebook is allegedly “exploring” incorporating cryptocurrency onto their platform with a potential eye towards payment transactions. Admittedly, the report was a bit vague about any further details or concrete plans on what the social media platform might want to do with the technology every company wants to pivot towards.

Asked for comment, a Facebook spokesperson did not deny that the company was looking into the possibility of creating its own cryptocurrency, but emphasised that its efforts in this area are still in their early days.

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” the spokesperson said in an email. “This new small team will be exploring many different applications. We don’t have anything further to share.”

The lack of details certainly won’t hold back speculation about what the company might want to do in this space and potentially could only fuel more of the fire: Are ZuckerCoins going to be arriving in your Facebook wallet any time soon? What could a company with over two billion users do with a decentralised currency? Will there be WhatsAppCoins? InstaCoins? What is the interface for spending money while flipping through stories content? Will we know anything more about their plans in the near future? Probably not.

Either way, whenever Facebook officially enters into the world of cryptocurrency, you can’t say we didn’t warn you.