Facebook “very serious” about launching its own cryptocurrency

Facebook is going a step further with its use of blockchain, and is reportedly “very serious” about launching its own cryptocurrency.

While at this stage the social media giant is said to be merely exploring the idea, Cheddar’s source – said to be close to the matter – indicates that there are definite plans behind the scenes to buy into the cryptocurrency boom.

The site theorises that the company would first need to make some acquisitions in the blockchain and cryptocurrency space before announcing serious plans of its own.

Last week it was revealed that Facebook was mulling over how best to leverage blockchain in the business, and it seems that now we might have at least part of the answer. Coinbase board member David Marcus was put in chrge of a new department looking at the technology, after four years leading Messenger for the company.

In an internal memo announcing the move, CEO Mark Zuckerberg wrote: “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. We don’t have anything further to share.”