3 min read

Facebook’s Meta Draws Up Plans for Its Own New Cryptocurrency: Report

By News Desk

Tech giant Meta has reportedly drawn up plans for a set of new cryptocurrencies and tokens after similar plans previously failed to manifest.

According to reports from the Financial Times, Meta boss Mark Zuckerberg and company are looking to diversify their sources of revenue streams with methods that can draw and retain new users to supplement the waning popularity of Facebook and Instagram.

To counter the dipping advertisement revenue in its other companies, Meta Financial Technologies, Facebook’s financial arm, has been considering creating a new cryptocurrency designed for the metaverse. As per the Financial Times, the new virtual currency has so far been dubbed as “Zuck Bucks.”

FT’s sources from within the company say that Meta probably won’t put Zuck Bucks on any sort of blockchain, and will instead opt to follow other business models that use in-app tokens which are centrally controlled by the company.

The company is also exploring issuing its own social tokens, or tokens that represent a share in a given group, community or culture, which could presumably be used in things like Facebook groups. As well, Meta is looking at “creator coins” that influencers or popular pages on Instagram could issue as part of a share in their community.

Meta Financial Technologies appears to be attempting a full-spectrum expansion of its traditionally social media-focused business models into e-commerce and payments. FT reports that the unicorn is exploring traditional financial services like small business loans, and is already in talks with potential lending partners. It’s not clear whether these services will be integrated with existing businesses like Facebook or Instagram or if they will be separate systems.

Image via Shutterstock

Last month, Zuckerberg said that non-fungible tokens (NFTs) are also on the docket. He revealed they would be coming to Instagram, both via user creation, and the company issuing their own trademark NFTs.

“We talked about stuff like NFTs and the ability, you know, long-term, I would hope that the clothing that your avatar is wearing in the Metaverse can be minted as an NFT, and you can take it between different places,” he said at the SXSW event in Austin, Texas.

Meta’s big expansion, should it come to fruition, will come after several failed attempts to venture into cryptocurrency.

Early this year, reports surfaced that plans for Diem, Meta’s attempt at a USD-backed stablecoin which was originally called Libra, unravelled due to increased regulatory scrutiny.

Sources from Bloomberg said that Diem was negotiating with investment bankers to sell off all its intellectual property and reallocate the engineers who helped contribute to developing the technology.

Meta also has its own digital wallet, which seems to have gone quiet after launching a pilot program late last year. Novi was originally meant to utilize Diem as its main token, but was forced to use PAX Dollars instead. Novi faced harsh scrutiny right out of the gate, with American lawmakers going to great efforts to make their opposition to it heard.

A group of senators led by Elizabeth Warren said in a public letter to Zuckerberg:

“Time and again, Facebook has made conscious business decisions to continue with actions that have harmed its users and the broader society. Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient. We urge you to immediately discontinue your Novi pilot and to commit that you will not bring Diem to market.”

Newsletter Inline

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Latest Posts

Trader Joe Review
Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche
Trader Joe Review

Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche

July 2, 2022 30 min read
Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
Raydium Review: Solana’s DeFi Liquidity Mammoth

Raydium Review: Solana’s DeFi Liquidity Mammoth

June 11, 2022 17 min read

Related Posts

Trader Joe Review
Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche
Trader Joe Review

Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche

July 2, 2022 30 min read
Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
crypto com
Crypto.com Exchange Review 2022: A World-Class Crypto Exchange
crypto com

Crypto.com Exchange Review 2022: A World-Class Crypto Exchange

June 14th, 2022 30 min read