Facebook, the biggest and the currently the most controversial social media platform around the world is reportedly going to be launching its own cryptocurrency with its main focus being on improving the cross-border payments. Although there has been no “official” confirmation of the same, the chatter on social media has already begun.
Facebook has been on everyone’s mind after the Cambridge Analytica scandal. The British Political Consulting Firm is accused of using millions of Facebook users’ data in order to manipulate the U.S Presidential Elections. Cambridge Analytica was even about to launch its own cryptocurrency and release it in Mexico this year. The data collected from the ICO would then be used to for campaign strategies for Mexico’s elections.
But ever since the scandal came out in public, both Facebook and Cambridge Analytica have been scrutinized by the public and Mark Zuckerberg, the CEO and Founder of Facebook taking the biggest hit. Ever since then, Facebook has lost millions of users who deleted their accounts from the social media platforms including Elon Musk, the CEO, and face of Tesla.
Spokespersons of Facebook have given statements on various social media platforms claiming that they would be making use of blockchain technology very soon and some argue that this is the way for Facebook to make amends.
An official of Facebook who spoke to Cheddar said that they are very serious about it. David Marcus, the Vice President of Messenger will be will be leading a new team to explore how to leverage the blockchain across Facebook in the best way possible.
Some market speculators were expecting Facebook to enter the crypto-space ever since they had banned advertising of cryptocurrency on their platform and there were a lot of people even suggesting that Facebook should get into the Blockchain Technology in order to avoid future scandals like Cambridge Analytica.