The Digital Currency of Facebook Will Not See the Light of Day Soon

Facebook creates Blockchain Division to be led by Coinbase board member

A lot of tech companies have made it clear that they want to create their own digital token of cryptocurrency. Telegram has ready done that, LINE wants to do so, and now Facebook is very serious about creating its own digital currency.

Does Facebook Need Its Own digital Currency?

Even though Facebook is still one of the leading social media platforms, the firm has experienced a couple of setbacks in recent weeks and months. The present circumstance isn’t all that promising, especially during the Cambridge Analytica scandal.

Getting over such an enormous issue isn’t easy and it is sometimes impossible, but the firm has a lot to explain. Recently, the social media giant shuffled around some of its staffs, and the company has made clear its plan to move ahead with its blockchain division.

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Speculations about the News

Ever since this news came to light, buffs have been wondering what the social media giant wants to do with blockchain technology and how they want to integrate it into their existing services and products. A report by Cheddar indicates that integrating a digital currency into Facebook is one option that is presently being explored.

Such speculations have been around for quite some time now, as the social media giant has continuously made it clear that it could benefit greatly from a cryptocurrency. With the setup of an adequate blockchain division, creating a venture like this becomes much easier than a lot of people might expect.

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Facebook Still Has a Long Way to Go

Up to this point, the firm hasn’t really explored blockchain technology. As a result of this, the firm still has lots of work ahead, especially when it comes to creating, testing, and releasing its own digital currency. That is if the plans of the company creating its own digital currency are actually true.

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