We don't know too many details about the rumored currency, but Facebook has supposedly been looking into blockchain, the technology behind secure digital transactions, for the past year.
You might also be interested in..
Blockchain can counter the menace of fake news and help Facebook in clamping down on people peddling false narrative. Headed up by Messenger chief David Marcus, the new team will be exploring how blockchain technologies could be used to improve Facebook. At the time of writing, Facebook's market cap is around $540 billion United States dollars according to ycharts, nearly $200 billion more than the market cap of the entire crypto space.
A Facebook spokesperson in a statement to Cheddar said, "Like many other companies Facebook is exploring ways to leverage the power of blockchain technology".
At least 20 people are dead after dam bursts in Kenya
Nakuru governor Lee Kinyanjui said: "We will do our best to take affected families to safety and help them get medical attention". After a severe drought, weeks of torrential rains in Kenya have led to flooding and mudslides that have left 159 dead.
According to Cheddar, sources familiar with the matter told the outlet that the social media giant is now exploring creating its own virtual tokens.
According to him, the newly created "a small team will explore many different directions".
Facebook did not say what it plans to do with its blockchain unit, but Marcus said that the company would be "starting from scratch". "We don't have anything farther to share with you".
The new blockchain team would come under "New platforms and infra" run by Chief Technology Officer (CTO) Mike Schroepfer, who will also take care of Facebook's AR, VR and Artificial Intelligence initiatives.
Facebook has over two billion users globally and launching cryptocurrency will allow them to make payments using a virtual currency like Bitcoin. As Cheddar, notes, the social network would have to make some major blockchain and cryptocurrency acquisitions before this was a viable idea.