Facebook Messenger is unlikely to embrace cryptocurrency payments anytime soon according to David Marcus, Facebook's vice president of messaging.
In a recent interview with CNBC, the former president of PayPal pointed to perceived issues with existing cryptocurrencies, specifying high transaction fees and slow transaction times as reasons why the product isn't likely to introduce the technology as a payment method, at least in the near term.
However, Marcus, who joined the board of Coinbase in late 2017, did leave the door open to allowing such payments in the future, saying that when blockchain developer communities "fix all the issues," it's possible that the company will "do something" to open up the option.
The comments notably follow Facebook's ban on cryptocurrency-related ads. Announced last week, the social media giant cited concerns that users were being exposed to fraudulent ICOs and cryptocurrency schemes amidst what has been a wave of regulatory actions to start 2018.
During the interview, Marcus reiterated these concerns, saying the ban was part of a move to "protect the community." Fraudulent ICOs can reflect poorly on the entire cryptocurrency space, and according to Marcus, "a vast majority of these ads were a scam."
Still, cryptocurrency and ICO-related content may return to Facebook in the future, Marcus said.
He told CNBC:
Facebook image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.