June 23, 2024

Facebook Looking Into Cryptocurrency

Facebook Looking Into Cryptocurrency

Cryptocurrencies are becoming more and more widely integrated within the current financial systems and legislation around the world. The growing demand within consumer and professional markets has seen rapid movements in places such as Switzerland and Malta; many governments are now competing to see which country can pull in the greatest number of crypto startups.

This has also managed to convince many established companies within countries such as the United States to look into cryptocurrencies. Recently, Starbucks and Microsoft announced that they too would be partnering to give consumers the option to swap crypto coins for cash in their stores. Now, news has broken that Facebook’s very own crypto department is up to something, let’s see if we can find out what that something is.

An Investigating Committee

The initial report was documented in Business Insider earlier this week, which stated that the committee within in Facebook had been charged with gathering research on cryptocurrencies. This very same group had met with Stellar to gain an insight into how they could combine Distributed Ledger Technology or DLT into their prospective financial payments framework.

The group wanted to investigate whether it could make use of the already established Stellar blockchain or if it could take the established Stellar blockchain technology and customize it to their needs. The latter option has already been done in the past by the mobile application Kip. However, the Facebook crypto committee is not limiting itself to Stellar as of yet and is continuing to meet with other cryptocurrency technology structures according to unknown sources.

A Mysterious Job Post

In addition, the article went on further to state that blockchain has become one of Facebook’s biggest focus areas for this year. An advertisement within a career website for positions at Facebook within the blockchain section stated that Facebook wanted to use blockchain technology to make a massive impact. The article stated that the company would like to use blockchain technology as an instrument to positively enhance the lives of people at a global level.

In other news from Facebook, David Marcus the previous chair of the Messenger sector and one of Facebook’s vice presidents, has announced that he will no longer be on the Coinbase executive board. Marcus has only been on the board since the beginning of December 2017. According to CNN, Marcus made the decision to leave the Messenger department in Facebook so that he could take the opportunity to spearhead the new blockchain technology innovation within the organization.

A Goal For 2018

What could possibly have motivated Marcus to abdicate from his position at Coinbase? Well, apparently Facebook will soon be sharing news of their very own big plans for the blockchain technology and cryptocurrency industry and therefore wanted Marcus appearing fully neutral, so no controversy would occur. Earlier in the year rumors circulated that Facebook would have its very own token available. Users would then be available to use the token to transact payments on Facebook regardless of where in the world they are, removing the need for official currencies in online shopping almost entirely. All of this comes after the CEO of Facebook Marck Zuckerberg stated that one of his aims for 2018 was to get clued upon blockchain technology.

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