Facebook 'Serious' About Creating Own Cryptocurrency

Facebook creates Blockchain Division to be led by Coinbase board member

Facebook runs a Marketplace service, and we could see Facebook's cryptocurrency serving as a form of payment here, as well as in other applications.

Facebook Inc Chief Executive Mark Zuckerberg on Tuesday ordered one of the biggest management shakeups in the history of the social network, giving more responsibility to his chief product officer and launching a blockchain division.

The company is purportedly looking into using cryptocurrency to facilitate payments across its various services, according to a report from Cheddar.

Marcus confirmed on Twitter and Facebook earlier this week that he will run Facebook's new division after "four awesome years leading Messenger" and will "set up a small group "from scratch" to explore how to best leverage Blockchain for Facebook".

More news: Robinhood Raises Another $363 Million Amid Crypto Push

That Facebook would form a team specifically dealing with blockchain is especially intriguing, and a clue the company is indeed interested in developing some form of cryptocurrency. This week's edition Recode reported that Facebook creates unit to study the technology of the blockchain.

Marcus is no rookie when it comes to this field because before he was working for the company, he was the president of PayPal, and was an early investor in Bitcoin. While creating its own digital token would allow it to make a new cryptocurrency, Facebook has no intentions of trying to raise funds through an initial coin offering (ICO), sources claim. "We don't have anything further to share", the spokesperson said. Facebook's decision to pursue blockchain technology will most certainly add some validity to the crypto industry, which has been very chaotic. "I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch".

On Friday, IBM's (ibm) blockchain chief Bridget van Kralingen told Fortune that blockchain technology could help Facebook deal with some of the company's recent data privacy controversies.

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