Facebook to launch its own Cryptocurrency for Payment Method

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Some companies have begun accepting select crypto coins as payment for products or services, while other companies have announced their plans to launch new cryptocurrencies of their own.

Social media giant Facebook is exploring the benefits of releasing its own cryptocurrency, financial news outlet Cheddar reported on Friday. After poaching Medium's corporate development expert Morgan Beller in mid-2017, Facebook tasked her with exploring opportunities in the blockchain space, having now constructed an entire team around that idea. Blockchain is the ledger system that underlies cryptocurrency, but it can have various uses, from keeping track of jewelry provenance to organizing a global shipping system.

According to the tech website Cheddar, face book is "quite critical concerning this".

The report claims that Facebook started to move towards cryptocurrency blockchain technology is being led by David Marcus (vice president in charge of the Messenger App) and EX- president of PayPal, which facilitates payments between users in Facebook's Messenger app.

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Marcus confirmed on Twitter and Facebook earlier this week that he will run Facebook's new division after "four awesome years leading Messenger" and will "set up a small group "from scratch" to explore how to best leverage Blockchain for Facebook".

Marcus is an early Bitcoin investor, and in December he joined the board of Coinbase, which runs one of the most popular cryptocurrency exchanges.

Facebook's work on blockchain technology and cryptocurrency will likely take years to materialize.

Marcus, who previously spent four years on the Facebook Messenger team, is no stranger to cryptocurrency. 'This new small team will be exploring many different applications. "We don't have anything further to share".

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The self-confessed "cryptogeek" and cryptocurrency investor was also the former lead at online payment service PayPal prior to Facebook, and is now on the board of directors at the cryptocurrency exchange "Coinbase".

Chris Cox, the chief product officer in charge of the flagship Facebook service, will now also oversee the widely used services Instagram, Messenger and WhatsApp, the company said. In India alone, there are around 270 million Facebook users, out of more than 2 billion monthly users worldwide.

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.

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