Facebook to launch its own Cryptocurrency for Payment Method

According to the report from Cheddar’s Alex Heath, Facebook is planning to launch its own cryptocurrency (electronic payment) as an alternative Payment Method.

Though there is no detail information, the company is planning to use cryptocurrency, which would allow users to facilitate payments on a global scale.

The report claims that Facebook started to move towards cryptocurrency blockchain technology is being led by David Marcus (vice president in charge of the Messenger App) and EX- president of PayPal, which facilitates payments between users in Facebook’s Messenger app.

Marcus leads a group of not as much as dozen Facebook representatives dealing with the blockchain. Also, he was a Bitcoin Investor and has a very good knowledge of digital currency trades.

Like many other companies Facebook is exploring ways to leverage the power of blockchain technology. Facebook will likely need to make acquisitions in the blockchain and cryptocurrency space to develop its own virtual currency, one of the people said. Blockchain technology could also be used to help Facebook verify the identity of accounts and encrypt data.