Facebook May Be Planning to Launch a Native Cryptocurrency

According to a report from The Verge, Facebook is "Very serious" about launching its own native cryptocurrency.

As of March 23, 2018, Alexa has ranked Facebook as the world's third-most visited website.

In the past, Facebook has had issues in the past with identity verification and a transparency advertising policy - blockchain could be their solution.

An actual "Facebook Coin" is likely years away.

"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."

Facebook has a team of just under twelve people working on the project.

Everingham and Weil will be working alongside David Marcus, the lead of Facebook's messaging app, Facebook Messenger.

Stan Chudnovsky, previously Messenger's head of product, will take over as Messenger's project lead. Prior to his work at Facebook, Marcus was the president of PayPal, a worldwide online payments system.

Facebook has remained tight-lipped with regards to the project thus far.

Facebook has joined the crypto forefront and has a dedicated team of talented individuals exploring the possibilities of blockchain technology.