Facebook plans to create its own cryptocurrency: report

Facebook is reportedly “very serious” about creating its own cryptocurrency that would allow its billions of users around the world to make electronic payments.

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

In a statement to FOX Business, a Facebook spokesperson didn’t confirm or deny the plans.

"Like many other companies Facebook is exploring ways to leverage the power of blockchain technology. This new small team will be exploring many different applications. We don’t have anything further to share,” the spokesperson said.

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.

However, earlier this week, Recode reported that Facebook executive David Marcus is leaving the company’s messaging app group to create a new team dedicated to exploring blockchain technology.

Marcus later shared a message on Facebook confirming the move.

“After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge. I'm setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch,” Marcus wrote.

Yet in February, Marcus said Facebook didn’t have any plans to integrate cryptocurrency into its apps anytime soon because “payments using crypto right now is just very expensive and 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 added.