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Facebook Might Enter Crypto Market With Their Own Currency

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This week has been a good week for those who trust blockchain technology as the new world order. While Huawei designed their own cryptocurrency wallet that would be included in their regular apps, it looks like Facebook is considering creating their own cryptocurrency just months after they banned all crypto related advertising on their platform. What made them consider cryptocurrency is not clear but we know that such a big company will never invest in anything that has no future.

It is reported that Facebook has formed a team to explore blockchain technology and decide how Facebook could use it. Recode was the first to announce the news earlier this week.

David Marcus who led the team that designed Messenger has been tasked with exploring the field. “After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge. I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch,” he says in a post on his Facebook page.

Analysts believe that with billions of active daily users Facebook cryptocurrency will be quickly popular without too much advertising like other initiatives had to do. In February, however, Mr. Marcus said that Facebook will not rush to create cryptocurrencies too soon.

The other big news of the week, Huawei launching a bitcoin wallet is another good sign for those who believe in cryptocurrency. Although South Korea has strict rules, regulations, and crackdowns governing crypto assets, individual companies have been going ahead full steam with cryptocurrencies. Crypto enthusiasts would definitely call this week a very good week.

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