Facebook To Compete With Ripple (XRP) On Cross Border Payment

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"I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch".

Let's how and when Facebook will bring its cryptocurrency, how it will grab the trust of the users in terms of security.

Chris Cox, a longtime member of Zuckerberg's inner circle, was put in charge of Facebook's core application as well as smartphone services Instagram, WhatsApp, and Messenger, the California-based company confirmed.

Facebook intends to launch its own crypto currency, according to the portal Cheddar citing informed sources in the company.

"Sources say that Facebook is specifically interested in creating its own digital token, which would allow its more than two billion users to facilitate transactions without government-backed currency".

Recode had first claimed that face book is building a brand new team focused on Blockchain technology and Marcus has been leaving his post run the Blockchain group.

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At present, the company is reported to be specifically focused on using cryptocurrency for facilitating payments on the platform.

"Like many other companies Facebook is exploring ways to leverage the power of blockchain technology", a spokesperson said.

According to Cheddar, sources familiar with the matter told the outlet that the social media giant is now exploring creating its own virtual tokens. Blockchain technology could also be used to help Facebook verify the identity of accounts and encrypt data. "We don't have anything farther to share with you".

The venture would likely see Facebook make "strategic acquisitions" in the cryptocurrency industry as it seeks to build out its blockchain infrastructure.

The social network is also among online platforms that came under fire for being used to spread misinformation and foment division ahead of the United States presidential election in 2016.

Marcus, who formerly served as president of PayPal, is an outspoken advocate for cryptocurrencies, and his experience at the digital payments firm makes him an ideal choice to oversee Facebook's potential foray into this space. In 2009, the company released Facebook Credits, which could be used to purchase virtual goods in popular games like Farmville.

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