We are eager in anticipation for the unveiling of the Facebook cryptocurrency later this month. The Social Media giant are also looking to allow their employees to take their wages in the new currency.
David Marcus, the former PayPal executive, was announced to have begun looking at opportunities for Facebook to use blockchain, which is on of the technical terms for the Crypto Currencies.
Facebook is reportedly designing its own digital currency since the involvement of Marcus. Users will apparently be able to store, trade and exchange the cryptocurrency for regular currency, through Facebook apps like Messenger and WhatsApp, according to CNBC.
There has also been some mentions to Facebook ATM’s.
In building their own currency Facebook will diversify their offering even further than the current offering. Facebook has over 2 billion users across the world, co having its own currency would allow those users to exchange money easily
“When I think about all the different ways that people interact privately, I think payments is one of the areas where we have an opportunity to make it a lot easier.” Mark Zuckerberg speaking at Facebook’s annual software developer conference this year
It has been rumoured that, Operating Chief Sheryl Sandberg, and CFO David Wehner are “Sceptical” of the new venture.
The company is apparently enlisting third-party organisations to act as ‘nodes’ to help manage their digital currency. Nodes are high powered devices with the ability to keep track of, and resolve, complicated equations in order to validate transactions.
