Facebook Keeps Its Digital Currency Team Out Of the Reach of Other Staff

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Digital currencies, such as Bitcoin (BTC) and Ethereum (ETH), have greatly impacted the tech space. This industry has attracted a lot of firms and individuals since its emergence. During the early stages of this technology, it was criticized by a lot of companies and analysts. Many called Bitcoin (BTC) names and said it won’t last. However, it’s been ten years and counting since Bitcoin (BTC) emerged in this space.

Most of those firms and individuals that criticized the digital currency are now the major adopters of the coin. They now use the digital currency as a means of payment and store of value. Bitcoin (BTC) is not the only digital currency that exists in the space. Since its emergence, a host of other digital currencies have also been launched.

At the moment, there are more than two thousand digital currencies in the market apart from Bitcoin (BTC). These digital currencies are referred to as alternative coin – altcoins. A lot of firms and industries have created their own digital currencies. They use these tokens either as a means of processing transactions or for purchasing something on their platforms. Another firm that is now exploring this space is Facebook.

Facebook Explores the Crypto Space

Facebook is the largest social media network in the world. The social media platform has billions of users in its user base. The firm is now exploring the blockchain and digital currency space. In the first quarter of 2018, Mark Zuckerberg said the firm was exploring the potential of blockchain technology. Zuckerberg is the CEO and co-founder of Facebook. However, he made no mention of the firm having its own digital currency.

Sometime last year, the firm even banned all digital currency-related ads on its platform. A decision Google also made. But they later lifted the ban and decided to show the ads of only scrutinized coins. At the moment, the firm is working on its own digital currency.

Facebook Silos off Its Digital Currency Team from the Rest of the Firm

According to recent reports, the social media giant is keeping its digital currency plans under wraps. The firm has kept its digital currency team in an office that cannot be accessed by other employees in the firm. The office requires different key-card access, which other workers don’t have. This was disclosed in a report by the New York Times.

The social media giant has hired a strong proponent to handle its digital currency and blockchain effort. The person in question is David Marcus – the former president of PayPal. Marcus is in charge of the blockchain and digital currency team of the firm. He recently hired a group of blockchain experts from Chainspace – a blockchain startup.

Facebook is aimed at introducing mainstream users to cryptocurrencies. The firm wants to allow WhatsApp users – a messaging platform it acquired – to send and receive money via the app. This would also let Facebook users send and receive funds instantly. The digital currency project of the firm is at the level that it has discussed selling “Facebook coin” to consumers with top digital currency trading platforms.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$39,447.00
-1.57%

At the time of writing, Bitcoin (BTC) is trading at $3,832 after an increase of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $67.19 billion and its trading volume over the past twenty-four hours is $6.19 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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