INSUBCONTINENT EXCLUSIVE:
Cryptocurrencies like Bitcoin are hot topics right now, and it looks like Facebook doesn't want to be left in the dust of the new digital
currency future.Facebook is reportedly looking into making its own cryptocurrency, according to people familiar with the plans who spoke
with Cheddar. Facebook's virtual monies would be used to make payments online
Facebook runs a Marketplace service, and we could see Facebook's cryptocurrency serving as a form of payment here, as well as in other
applications. According to one person, Facebook is "very serious about it," referring to developing its own cryptocurrency. Get on the
chainThis wouldn't be Facebook's first foray into digital currency
Facebook in the past offered Facebook Credits, a way to pay for games and other items electronically
Facebook Credits fizzled out after two years. Facebook's crypto dreams seemed to be on hold, until earlier this week when the social
network announced a major executive reorganization. As part of the news, it was revealed that Facebook now has a blockchain division, run
Marcus had been in charge of Facebook Messenger, but previous to Facebook was president of PayPal. Blockchain is the database used by a
number of digital currencies to track large volumes of transactions and keep them secure. That Facebook would form a team specifically
dealing with blockchain is especially intriguing, and a clue the company is indeed interested in developing some form of
cryptocurrency.We'll keep our ear to the ground for further developments on Facebook's cryptocurrency plans, but it could be some time
before these come to fruition.
