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Marketplace

Facebook is reportedly developing its own cryptocurrency

May 6, 2019
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Paper circles with the Facebook logo are displayed during the F8 Facebook Developers conference on April 30, 2019 in San Jose, California. Facebook CEO Mark Zuckerberg delivered the opening keynote to the FB Developer conference that runs through May 1.
Justin Sullivan/Getty Images

The Wall Street Journal reports that Facebook is preparing to launch a cryptocurrency for use across its social media platforms, including WhatsApp and Instagram. According to the report, Facebook hopes the coin will be backed by $1 billion in investments from Visa and Mastercard, among other financial services companies. If the tech giant does unveil a cryptocurrency, it’s certain to disrupt the current online payment habits of the company’s 2.5 billion monthly users. 

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