At present, there are not many details about Facebook's development of its own cryptocurrency, but the company is said to be particularly focused on using cryptocurrencies to facilitate payment transactions on the platform. Considering Facebook’s large user base and the existing web platform on the website that provides commodity trading. , This may be a huge change for the company. Facebook is also said to be studying other methods to use the tokenized digital currency and its underlying blockchain technology on its platform.
Facebook’s efforts in cryptocurrency technology were allegedly led by David Marcus, who allegedly began leading the newly formed blockchain department early this week, 'to study how to fully start from scratch on Facebook. Platform utilizes blockchain technology'.
Like many other companies, Facebook is also investigating ways to use blockchain technology capabilities. This newly established small team will explore many different applications. We can only disclose these now,' Facebook said in a statement.