Rumor: Facebook is working on its own crypto currency

Facebook seems to be developing its own cryptocurrency. Little is known about what Facebook plans to do with it, but the coin may be used for transactions between users in the Messenger app.

The rumor comes from sources from the Cheddar website. According to the sources, Facebook is very serious about the plans. The coin would be used for payments on the website and between different users, such as for the marketplace function.

Research into the cryptocurrency and other ways for Facebook to leverage blockchain technology would be conducted by a small team of less than a dozen people, led by David Marcus. Marcus was previously the director of PayPal and now mainly works on the development of Facebook Messenger.

Whether Facebook will continue with the plans and actually come up with its own crypto currency is unclear for the time being. In some countries it is already possible for users to transfer money to each other, but this currently uses a credit card or PayPal.