Facebook is planning on developing its own virtual Cryptocurrency

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Facebook management leaves to launch blockchain

"This new small team will be exploring many different applications", 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. "We don't have anything further to share". The blockchain unit is part of Facebook's New Platforms and Infra (structure) group led by Chief Technology Officer Mike Schroepfer and is presently said to consist of under a dozen employees who are exploring blockchain solutions.

Per Cheddar, "They are very serious about it", said one of the people, who asked not to be identified discussing unannounced plans.

Facebook started studying blockchain nearly a year ago, when a member of its corporate development team, Morgan Beller, began looking at how the social platform could use the emerging technology.

The project lead for Facebook Messenger has announced that he is leaving the team to focus on creating opportunities with blockchain. After poaching Medium's corporate development expert Morgan Beller in mid-2017, Facebook tasked her with exploring opportunities in the blockchain space, having now constructed an entire team around that idea. However, if it turns out to be true, it could mean a big change for Facebook as a company and its users.

Facebook's work on blockchain technology and cryptocurrency will likely take years to materialize.

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Evidently, Marcus has plenty of experience in the field of payment processing - he was also an early adopter of Bitcoin, and in December he joined the board of Coinbase.

According to Cheddar, sources familiar with the matter told the outlet that the social media giant is now exploring creating its own virtual tokens.

Another source familiar with the matter told FOX Business that despite the reports, it's wrong to assume the company is focusing on any "particular area" when it comes to cryptocurrencies or blockchain.

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. Facebook in the past offered Facebook Credits, a way to pay for games and other items electronically.

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