New reports claim that Facebook is exploring the idea of launching its own cryptocurrency. In fact, one unidentified source claims that the social media giant is “very serious about it.”
The latest report comes from Cheddar, which cites an anonymous source who asked not to be identified.
The cryptocurrency would allow the network’s billions of users to make electronic payments within the Facebook platform as well as outside of it. Advertisers may also be able to spend the coins on advertising slots within the network.
Facebook has already responded to the report. The company has confirmed that they’re researching blockchain technology in various ways, although they haven’t announced plans to launch a cryptocurrency:
“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. We don’t have anything further to share.”
Does Facebook creating its own cryptocurrency make sense? Absolutely! Facebook could minimize transaction fees platform-wide. They could create further brand loyalty and give users a reason to continue interacting with the platform. Facebook could also avoid having to pay credit card companies internally.
We’ve seen other digital tokens launched to support an advertising ecosystem. The Brave Attention Token (BAT) and similar projects, for example, allow advertisers to buy ad slots using native tokens, then allow users to earn tokens based on their interactions.
Obviously, if Facebook launches its own cryptocurrency, it would immediately become a force in the crypto markets. Facebook would be one of the biggest names to get involved in the cryptocurrency space – and that’s why a Facebook cryptocurrency is so intriguing.
If Facebook does launch a token, what would it be called? FacebookCoin? FACE? BOOK? FBC? Stay tuned for more information as Facebook continues to quietly explore the launch of its own cryptocurrency.