Facebook ‘exploring’ making its own cryptocurrency


13 May, 2018 11:06 AM

Facebook ‘exploring’ making its own cryptocurrency

A- A A+

Facebook is reportedly “exploring” the creation of its own cryptocurrency, news media outlet Cheddar reported. 

It's not the first time the idea of a Facebook coin has been floated, but the plans take on some greater meaning in light of Facebook's recently reshuffled executive structure and newly formed blockchain group.

Blockchain, the decentralized record-keeping system, could help tackle some of Facebook's most bothersome problems, like identity verification or advertising sales. It's also the technology behind most cryptocurrencies, logging ownership and transfers of the digital tokens.

"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," a Facebook spokesperson told CNBC in a statement.

It would likely be years before Facebook's work on blockchain and cryptocurrency became anything material, Cheddar reports, citing anonymous sources. The business news site also reports Facebook has no plans to hold an ICO, or initial coin offering.