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Facebook’s Crypto-Sector Shows Signs of New Plans

While no official reports or statements have been made, Facebook’s newly emerging cryptocurrency section, many new reports are pointing towards something going on within the sector. Among these reports including meetings with cryptocurrency companies and an official leave from the board of directors at Coinbase.

Rumors

According to the first report, Facebook’s DLT research team has recently joined Stellar in a meeting to discuss how the social media giant could manage to support blockchain tech and further study its promising potential construction of a new payment platform. As per anonymous sources, both companies discussed various approaches to how Facebook would fork Stellar’s blockchain in a similar fashion to the messenger app Kik after choosing to construct a standalone blockchain for its native digital currency, the Kin as opposed to operating on Stellar’s blockchain.

Additional reports have stated that the social media company has accelerated the development of its DLT sector. On the other hand, among the many circulating rumors going around, CoinDesk has stated that David Marcus, VP at Facebook and previous director its Messenger app sector has stepped down from his position as a member of the board at Coinbase after first joining during December in 2017. Ongoing reports have stated that Marcus made the shift from the Messenger sector to the company’s blockchain sector and operates directly under Facebook’s Chief Technology Officer, Mike Schroepfer.

A representative for Coinbase stated that the VP stepped down from his position as a means of cutting out any thoughts related to a conflict of interest which may display a possible grand announcement by Facebook related to its plans for digital currencies and blockchain-tech. At the beginning of 2018, reports also indicated that Facebook was incredibly invested in its blockchain and crypto departments, adamant about creating their own cryptocurrency which would enable transactions among users without governmental oversight or reliance of a government-supported currency.

Chief Executive Officer of Facebook, the famous Mark Zuckerberg, stated that he was dedicated to learning as much as possible about both new techs, blockchain, and crypto, as one of his main missions for 2018.

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