With more than 2 billion users on the platform, a Facebook coin would turn Facebook into a cryptocurrency “bank.” The buying and selling of things, as well as the exchanging of money between countries, would help the company move beyond advertising revenue, which currently accounts for nearly all of its capital.
Also, it would get critics off its back for its controversial ad model. The company is often at the mercy of hefty criticism that includes the invasion of privacy, its misuse of data collection and storage, and the abusing of users details.
CEO Mark Zuckerberg has helped the rumors to flourish. Recently in a conference for developers, he highlighted payments as an important area for the company.
However, both operating chief Sheryl Sandberg and CFO David Wehner are “skeptical of the initiative internally,” according to The Information.
Facebook will reportedly look for third-party organizations to act as “nodes” in order to manage the scale of the cryptocurrency. If chosen, the third-party would be charged $10 million for the privilege.
What do you think of the Facebook coin? Is it something you would use?