Find the best broker for your trading or investing needs Facebook Inc. (FB) has set its sights on blockchain technology, recently announcing the creation of a new unit headed by one of its senior executives, David Marcus. But with little details as to what the social media giant has planned for the technology that underpins cryptocurrencies, the industry is left to speculate.
From payments to privacy, the blockchain industry is abuzz wondering what Facebook has planned, according to the Financial Times . To get a sense of what could be going on industry watchers have turned to Marcus’ resume.
At Facebook, he was in charge of Facebook Messenger for awhile and was also the president of PayPal. Marcus also sits on the board of Coinbase, the U.S. based cryptocurrency exchange.
All of his current and previous roles have led to speculation that Facebook could be eyeing a payments product using blockchain. One idea being bandied about is that the social media giant will deploy blockchain to create its own cryptocurrency to enable payments on the platform.
(See more: Facebook Launches Internal Study on Blockchain .) Sheila Warren, head of blockchain at the World Economic Forum told the Financial Times Facebook could develop a digital token to enable micropayments on the social media platform. That could, in turn, result in a slew of new applications, she said. Read more from investopedia.com…
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