Facebook is now allowing employees to take their salary in cryptocurrencies, and it is driven by Mr David Marcus, who is exploring new ideas with blockchain, the technology underpinning for cryptocurrency. Several outlets have reported that Facebook is building its own cryptocurrency which users will be allowed to store, trade and even exchange for other currencies via Facebook apps like Messenger and WhatsApp. This article was sourced from CNBC and other sources.
The move into having a specialized currency would be an interesting move for Facebook, as some firms are now considering using their own cryptocurrency for flexibility. There are reports that say with the 2 billion users, having a cryptocurrency would be a new business line for Facebook as it gets almost all of its revenue from advertising currently.
It is reported that Facebook is using “nodes” to help manage its cryptocurrency, of course the nodes are part of a decentralized system that would help in solving complicated mathematical problems. It is said that there are some in the top management structure who are not as enthusiastic about this new currency structure, with Sheryl Sandberg being one.