Facebook reportedly considering launching its own cryptocurrency and allowing its 2-billion users to make seamless electronic payments.
The $530bn (£390bn) social media giant has quietly spent the past year exploring possible uses of blockchain technology, the decentralised ledger system that underpins bitcoin, ethereum, ripple and the thousands of other digital currencies that have been spawned recently.
The news comes as the head of Facebook Messenger, David Marcus, said he was leading a new team at the social media company to “explore how to best leverage blockchain across Facebook, starting from scratch.”
The announcement from Mr Marcus that he was forming a new blockchain team comes just a few months after his boss, Mr Zuckerberg, revealed that his “personal challenge” for the year would be to explore the benefits of cryptocurrency and blockchain technology.
With Facebook’s own cryptocurrency, we would see the social network follow other tech platforms, such as Telegram, in launching its own rival to bitcoin.