Rumor Has it Facebook is Working on Cryptocurrency and Blockchain

Facebook is working on seeing how they can integrate blockchain technology and there is a rumor they are considering a token.

More specifically, it is easy to confirm Facebook is working on potentially integrating blockchain over time, as the David Marcus (who is leading the team doing this) has said as much.][1][2]

Meanwhile, the idea that they are considering a token comes from an unnamed source, and was reported by the website Cheddar and was heavily qualified in the article to illustrate that they are more-so just considering the idea of a token. This can then be further verified by CNBC and Recode articles (see the citations below).[3][4]

Further, even in that cheddar article the idea that they are creating a crypto is framed as [paraphrasing] “maybe, somewhere down the road, we tried it once back in 2009 and it didn’t work out, etc.”

In other words, very cool and worth noting that a company like Facebook is exploring blockchain technology and the potential of tokens in its ecosystem. However, this shouldn’t be mistaken for the idea that Facebook is about to launch an ICO tomorrow.

Instead, if anything happens at all, it is likely going to take years and involve the acquisition of existing companies in the cryptocurrency / blockchain space.

This then stands as just an another example of the business world slowly adopting the technology and ideas behind cryptocurrency as the space matures, a process likely to take years if it happens at all, and not a call to FOMO due to Facebook launching a coin today.

During an interview at a conference in February, Marcus said Facebook didn’t have plans to integrate cryptocurrency into its apps anytime soon.

“Payments using crypto right now is just very expensive, super slow, so the various communities running the different blockchains and the different assets need to fix all the issues, and then when we get there someday, maybe we’ll do something,” Marcus said.

– From the Cheddar article, quoting CNBC.

Article Citations
  1. David Marcus.
  2. Facebook is launching a new team dedicated to the blockchain. Messenger’s David Marcus is going to run it..
  3. Facebook Messenger chief explains why Facebook isn’t rushing into cryptocurrencies.
  4. Facebook Plans to Create Its Own Cryptocurrency.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...

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