Cambridge Analytica, the data analytics company involved in the most recent Facebook scandal, had plans to issue its own digital currency.
While it’s unknown what plans are considering the ongoing furore around Cambridge Analytica’s misuse of Facebook users’ personal data, Reuters reports that the firm had approached a company for advice on how to launch an initial coin offering (ICO).
Sources say that the aim was to raise up to $30 million through the ICO and, perhaps ironically, looking at ways to use blockchain technology to help people keep their online data secure.
A spokesperson said: “Prior to the Facebook controversy, we were developing a suite of technologies to help individuals reclaim their personal data from corporate entities and to have full transparency and control over how their personal data are used.
“We were exploring multiple options for people to manage and monetise their personal data, including blockchain technology.”