It’s been an interesting year for Facebook (NASDAQ:FB) so far, what with the Cambridge Analytica scandal, and then CEO Mark Zuckerberg’s order to restructure the company, an ambitious plan that involves the inclusion of a brand-spanking-new blockchain department.
Now, as if these plans weren’t ambitious enough, we’re getting reports of the company looking to make its own shiny coin to accompany that blockchain.
“They are very serious about it,” said someone close to the company on the condition of anonymity speaking to Cheddar.
Plans to develop a blockchain have been with Facebook since Mark Zuckerberg first said that this technology was among the things he would look at this year back in January.
“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,” said a spokesperson for Facebook.
It’s probably important to note that Facebook, while normally a company that is transparent with its employees, has kept any blockchain or cryptocurrency-related ambitions on a need-to-know basis. We’re likely to see this policy continue until the company has a good idea of what kind of product it wants to offer around these concepts.
It is entirely possible that Facebook would want to tokenize its ad network, allowing advertisers to use “FaceCoins” to purchase their ad spaces.
The social network could also allow its users to monetize their content and get a portion of the advertising revenue, getting their own coins in exchange.
An ambitious project like this, backed by a company like Facebook, could definitely generate enough buzz to get millions of people interested in investing, much like how Telegram’s ICO brought in $1.7 billion before it even began its public token sale.
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