Social media giant Facebook is launching its own cryptocurrency, according to media reports over the weekend. The move will pave the way for its billions of users around the world
to make electronic payments.

The company is also said to be mulling other ways to leverage blockchain- the distributed ledger technology- behind cryptocurrencies. This comes as Facebook last week appointed David Marcus, ex-vice-president at PayPal, to start a new team aimed to “explore how to best leverage blockchain across Facebook, starting from scratch”.

Read more: The UK’s cryptocurrency trade body is urging MPs to regulate the industry Facebook began to explore the impact of leveraging blockchain technology one year ago. At the time Morgan Bellen, a member of the company’s corporate development team, was the only employee studying the impact of blockchain.

Marcus, an early Bitcoin investor, joined cryptocurrency exchange Coinbase last December as a board member. Read more: Cambridge Analytica bosses cannot “run and hide” despite closure This is not the first time Facebook has experimented with virtual currencies.

In 2009, the company launched Facebook Credits, a feature aimed at purchasing virtual goods in games such as Farmville. However, the product’s limited success prompted the firm to exit the market in 2011. Read more from…

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