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12 May 2018, 02:23 | Jermaine Blake
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According to the tech website Cheddar, Facebook is "very serious about it". "We don't have anything further to share".
David Marcus, former head of the Facebook Messenger app, will serve as a team leader of not more than 12 people conscientious to blockchain technology.
Speaking with anonymous sources close to Facebook, Cheddarclaims the social media giant is considering the release of its own virtual token for electronic payments.
Messenger and WhatsApp each has more than 1 billion users, making them among the most widely used smartphone apps globally. He knows much about cryptocurrency for the fact that he's an early Bitcoin investor, and to cap it all, in December, 2017, he joined the board of Coinbase. Before being made VP for Facebook, he played an active role as president of Paypal.
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He added that the company is also evaluating how it can use blockchain technology to improve identity verification and secure its backend infrastructure - perhaps even including how it manages customer data.
Cheddar also revealed that Facebook has no plans to hold an Initial Coin Offering (ICO).
The social network is also among online platforms that came under fire for being used to spread misinformation and foment division ahead of the USA presidential election in 2016.
The venture would likely see Facebook make "strategic acquisitions" in the cryptocurrency industry as it seeks to build out its blockchain infrastructure. But the feature never gained traction, and Facebook shut it down two years later. Marcus told CNBC in February that despite his interest in the blossoming technology, it won't play a roll in the platform 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 in an interview with CNBC.
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