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Facebook Plans to Create Its Own Cryptocurrency

Facebook is exploring the creation of its own cryptocurrency, a virtual token that would allow its billions of users around the world to make electronic payments, people familiar with Facebook’s plans told Cheddar.

“They are very serious about it,” said one of the people, who asked not to be identified discussing unannounced plans.Facebook started studying blockchain almost a year ago, when a member of its corporate development team, Morgan Beller, began looking at how the social platform could use the emerging technology.At the time, Beller was the only Facebook employee devoted to studying blockchain, the digital and decentralized ledger that underpins cryptocurrencies like Bitcoin and Ethereum.

Her work was thrust into the spotlight this week when Facebook announced that the vice president in charge of the Messenger app, David Marcus, would lead a new team to “explore how to best leverage blockchain across Facebook, starting from scratch.”Marcus leads a team of less than a dozen Facebook employees working on blockchain. Before joining the company, he was the president of PayPal, which facilitates transactions between users in Facebook’s Messenger app.Marcus is an early Bitcoin investor, and in December he joined the board of Coinbase, which runs one of the most popular cryptocurrency exchanges.Recode first reported the creation of Facebook’s blockchain team earlier this week.Executives at the company regularly talk about future initiatives with their employees, and they tout the company’s 10-year roadmap in public presentations. But plans for blockchain have been omitted from that roadmap, and top executives have been tight-lipped about any plans for crypto, the people familiar with the discussions said.

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Facebook Plans to Create Its Own Cryptocurrency

Facebook is exploring the creation of its own cryptocurrency, a virtual token that would allow its billions of users around the world to make electronic payments, people familiar with Facebook’s plans told Cheddar.