Rumor Has it Facebook is Working on Cryptocurrency

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.

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).

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.

“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.

This then stands as just another example of the business world slowly adopting the technology and ideas behind cryptocurrency as 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.

Source: cryptocurrencyfacts.com