Meta Exploring Non-Blockchain-Based Virtual Currency: Report
The company’s plans for NFT features on Facebook and Instagram also continue to advance.
Apr 6, 2022 at 9:07 p.m. UTCUpdated May 11, 2023 at 7:15 p.m. UTC
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(Justin Sullivan/Getty Images)
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Meta Platforms (FB), Facebook's parent company, has put together preliminary plans to release virtual coins, tokens and lending services on its apps, according to the Financial Times.
- Meta Financial Technologies has been exploring the creation of a virtual currency for the metaverse, or “Zuck Bucks” as it’s being referred to by company employees, the FT reported, citing several people familiar with the matter.
- The latest move comes not long after the company’s ill-fated move into cryptocurrency. What was left of Meta’s Libra/Diem stablecoin project was sold to Silvergate Bank earlier this year. The FT reported that Meta doesn’t envision a blockchain-based digital currency, but in-app tokens that are centrally controlled by the company.
- The planning reportedly remains in early stages, and the project could be dropped or altered, or both, according to the FT. Meta is also said to be exploring a move into traditional financial services, such as small business lending.
- Efforts at integrating non-fungible tokens (NFTs) into Facebook and Instagram are more developed, the report said. According to an internal memo, Instagram will soon support NFTs and there are plans for a mid-May pilot launch for posting NFTs on Facebook.
- A Meta company spokesperson told CoinDesk it didn’t have new plans to share at this time.
- “We continuously consider new product innovations for people, businesses and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like,” the spokesperson said.
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UPDATE (April 6, 22:03 UTC): Adds comment from Meta spokesperson.
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.