Social media giant Facebook has been hinting about a move into cryptocurrency for a long time now. Earlier this year, Mark Zuckerberg had made waves when he posted that he wanted to learn more about cryptocurrencies. In May this year, the company had also instituted a blockchain division led by David Marcus to see how the company can leverage this new technology. However, its latest moves have given rise to speculation that Facebook may be on to something huge.
Insiders revealed that Facebook met cryptocurrency project Stellar to discuss about the possibility of using Distributed Ledger Technology (DLT) to build a payments network. The company might even fork the public Stellar blockchain to build it own network. In addition, David Marcus has stepped down from his role as one of the Coinbase Board directors. A Coinbase spokesperson said that Marcus’ decision may be to avoid the appearance of a conflict of interest.
Which way will Facebook go? Will lit launch its own ‘Facebook Coin’ or will it start accepting cryptocurrency payments for its products and services? Whichever way it goes, the entry of Facebook promises exciting times for the cryptocurrency space!