Facebook working on its own cryptocurrency for FB payments

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It's unclear what the currency will be called, but anonymous sources familiar with the situation told the outlet the social media platform is "very serious" about blockchain technology and their in-development virtual coin.

The social media giant Facebook is exploring the idea to launch its own cryptocurrency, a report said.

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. This week, however, Facebook created a team of more than a dozen people, which studies the technology of the blockchain, including mining and cryptocurrency circulation. Its Messenger is already being used businesses.

The method of practically applying blockchain technology to the social media has only been taken from theory to application from past year.

Executives at the company regularly talk about future initiatives with their employees, and they tout the company's 10-year roadmap in public presentations.

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Earlier it was reported that Zuckerberg was thinking about using a cryptocurrency in the services of Facebook.

According to a new report from Cheddar, Facebook is exploring the possibility of launching its own cryptocurrency. 'This new small team will be exploring many different applications. "We don't have anything further to share", the spokesperson said.

Cryptocurrencies may be volatile, but that hasn't stopped some of the world's most popular companies from getting in on the action.

According to experts, in the time ahead Facebook will make acquisitions in the blockchain and cryptocurrency space to develop its own virtual currency.

Even the Blockchain team could come below "New programs along with infra" conducted by Chief Technology Officer (CTO) Mike Schroepfer, who will also take care of Facebook's AR, VR along with artificial-intelligence projects. Facebook in the past offered Facebook Credits, a way to pay for games and other items electronically. But the feature never gained traction, and Facebook shut it down two years later.

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