Facebook may introduce its own cryptocurrency

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Facebook started studying blockchain nearly 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.

Social media giant Facebook is exploring the benefits of releasing its own cryptocurrency, financial news outlet Cheddar reported on Friday. The company has also started its research on blockchain a year ago.

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. Kevin Weil, Product Manager at Instagram, is leaving this job to join Facebook's blockchain department, and Adam Mosseri, head of Facebook News Feed, will take over Weil's position on Instagram, the company said. "I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch", Marcus said in a Facebook post.

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In a statement later, Facebook said: "Like many other companies, Facebook is exploring ways to leverage the power of Blockchain technology". Companies often shuffle executives to work on different products to bring a fresher perspective and to help the teams more easily identify problem areas.

Cryptocurrencies like Bitcoin are a hot topic right now, and it looks like Facebook doesn't want to be left in the dust. At the time of writing, Facebook's market cap is around $540 billion United States dollars according to ycharts, nearly $200 billion more than the market cap of the entire crypto space. The company moved the leader of its Messenger service, David Marcus, to the new blockchain unit that he will oversee. "We don't have anything further to share", the spokesperson said. "For Facebook, the fundamental issue that they're grappling with is very suited to the technology of blockchain". While creating its own digital token would allow it to make a new cryptocurrency, Facebook has no intentions of trying to raise funds through an initial coin offering (ICO), sources claim. One of the sources said that Facebook could make acquisitions in the field in order to develop its own cryptocurrency. Facebook runs a Marketplace service, and we could see Facebook's cryptocurrency serving as a form of payment here, as well as in other applications.