Facebook’s Cruptocurrency Division Might Be Up To Something


Aug 11, 2018 by Sumedha Bose


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While no one has been able to say for sure what’s happening inside Facebook’s nascent digital currencies division, multiple reports suggest that there is definitely something brewing. According to the reports, FB’s crypto research team recently held a meeting with Stellar to discuss strategies to leverage DLT technologies, as the firm looks into building a

While no one has been able to say for sure what’s happening inside Facebook’s nascent digital currencies division, multiple reports suggest that there is definitely something brewing.

According to the reports, FB’s crypto research team recently held a meeting with Stellar to discuss strategies to leverage DLT technologies, as the firm looks into building a potential payments network.

Sources have reported that the parties met to discuss how FB could potentially fork Stellar’s public Blockchain network, in a similar manner as chatting app Kik had done when it decideed to develop an independent network for its native Kin token instead of riding the wave of the main Stellar network.

According to reports from Business Insider, Facebook has been swiftly expanding its crypto division. One specific posting suggested that the move “is a startup within Facebook, with a vision to make blockchain technology work at Facebook scale and improve the lives of billions of people around the world.”

More reports simply serve to add to the rumour train. An example is the announcement that FB vice president and the former head of the Messenger team, David Marcus, has resigned from his role as a member of the board of directors of Coinbase. This was a role he had initially accepted back in December last year.

Reportedly, Marcus resigned from his Messenger post in order to lead the firm’s Blockchain division. He now reports directly to FB CTO Mike Schroepfer.

According to a spokesperson from Coinbase, Marcus had left his role in order to avoid it looking like a conflict of interest. This has led to several speculations that the firm is looking to make some major announcements regarding its crypto plans.

Earlier in the year, news outlets had reported that allegedly, Facebook is “specifically interested in creating its own digital token, which would allow its more than two billion users to facilitate transactions without government-backed currency.”

Digital currencies has also been one of the pet topics of FB CEO Mark Zuckerberg, who has stated that one of his own personal goals for the year would be to understand more regarding technologies “like encryption and cryptocurrency.”

Tags: Bitcoin, bitcoin news, Blockchain, blockchain technology, BTC, BTCWIRES, Crypto, Cryptocurrencies

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