Is Facebook About To Launch Its Own Cryptocurrency?

The largest management reshuffle in Facebook’s history has disclosed the social network’s intentions to build up blockchain technology, although it’s not yet clear for what reason.

David Marcus, the previous head of Facebook Messenger, preannounced recently that he will spearhead an exploratory blockchain team that will give report directly to the company’s CTO, Mike Schroepfer.

Mr. Marcus announced the intention in a Facebook post on Tuesday, 8 May, following rumors that Facebook CEO Mark Zuckerberg is paying attention to creating his own cryptocurrency. However, very few details were provided concerning what Mr. Marcus's group will, in fact, be working on.

“After almost four unbelievably gratifying years leading Messenger, I have made a decision it is time to take on the new challenge,” Mr. Marcus said.
“I’m establishing a small group to establish the best leverage blockchain across Facebook, beginning from scratch.”

Blockchain devotees see the innovation as a way for Facebook to deal and solve many of the recent problems it has faced regarding people’s privacy. The tech leader disclosed last month that the private data of approximately 87 million users was used and compromised by “malicious actors.”

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