Earlier in the year, Facebook had taken drastic steps to banning all advertising related to cryptocurrencies on the platform. The ban was due to the fact that there was too many misleading information about cryptocurrencies on the platform with a huge number of people voicing their own opinion on the technology.
Moreover, the platform, Facebook was used to promote scam coins and projects which had no intention of making any contribution to the world also used the platform to make huge sums of money and the fraudsters behind such schemes absconds with money made.
As reported by Cheddar, a news platform, those who are familiar with Facebook’s plan hinted that Facebook was on the verge of releasing its virtual currency which will, of course, run on a blockchain. The idea behind this is to allow its over 2 billion users already using the platform to make borderless transactions within themselves.
To prove this source true, Facebook currently appoints David Marcus, who is the former vice president for the Facebook Messenger App for many years to head the team who have been exploring the best ways to take advantage of the blockchain technology to make Facebook better.
Marcus, who has had many years experience in financial and technology industry has previously headed PayPal, and alongside his appointment at facebook, he is also on the board at Coinbase cryptocurrency exchange.
When this will finally come to reality, no one knows yet. Judging by the interview with Marcus sometime in February when he said Facebook has no plan to integrate cryptocurrencies with the platform soon, this means we probably shouldn’t expect this plan to keep off this year.
Beyond just implementing the official cryptocurrency for the Facebook platform, we may also see other top cryptocurrencies like Bitcoin and Ethereum on the platform as well.
The benefit of this is numerous for both Facebook and its users. Users will be able to quickly make payments for advertising done on the platform without having to pay high transaction fees to payment processors and also this will end the troubling situation which a lot of users face when their credit cards are being rejected on the platform.
Facebook will probably take the airdrop route in distributing its tokens to the public, as the billion-dollar company surely doesn’t need to raise any form of capital in funding the project.
