It's not the first time the
idea of a Facebook coin has been floated, but the plans take on some greater
meaning in light of Facebook's recently reshuffled executive structure and
newly formed blockchain group.
Blockchain, the decentralized
record-keeping system, could help tackle some of Facebook's most bothersome
problems, like identity verification or advertising sales.
It would likely be years
before Facebook's work on blockchain and cryptocurrency became anything
material, Cheddar reports.
Facebook is "very
serious" about launching its own cryptocurrency, according to a
report from Cheddar.
It's not the first time the
idea of a Facebook coin has been floated, but the plans take on some greater
meaning in light of Facebook's recently
reshuffled executive structure and newly formed blockchain group.
Blockchain, the decentralized
record-keeping system, could help tackle
some of Facebook's most bothersome problems, like identity verification or
advertising sales. It's also the technology behind most cryptocurrencies,
logging ownership and transfers of the digital tokens.
"Like many other
companies Facebook is exploring ways to leverage the power of blockchain
technology. This new small team will be exploring many different
applications," a Facebook spokesperson told CNBC in a statement.
It would likely be years
before Facebook's work on blockchain and cryptocurrency became anything
material, Cheddar reports, citing anonymous sources. The business news site
also reports Facebook has no plans to hold an ICO, or initial coin offering.
Read the full
Cheddar report.
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