Meta Exploring Non-Blockchain-Based Virtual Currency

Share some Bitpinas love:

Facebook’s parent company and tech giant, Meta, is set to release virtual coins, tokens, and lending services on its apps as it assembles preliminary plans for the possible launch.

Meta changed its name from Facebook last year to “bring the metaverse to life and help people connect, find communities and grow businesses.”

According to the report of Financial Times (FT), Meta Financial Technologies has been exploring the creation of a virtual currency for the metaverse, which is being referred to by company employees as “Zuck Bucks.” As per the report, Meta revealed that it does not envision a blockchain-based digital currency, but in-app tokens that are centrally controlled by the company.

However, it is important to note that the entity’s plans are still in its early stages; like any other project, Meta’s visions also have chances of getting dropped, altered, or both. 

Meta added that it is exploring a move into traditional financial services, such as small business lending which will provide financial support through loans.

“We continuously consider new product innovations for people, businesses and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like,” – Meta spokesperson

Moreover, the tech company’s efforts of fusing non-fungible tokens (NFTs) into Facebook and Instagram are still ongoing and are reportedly more developed. According to an internal memo, Instagram will soon support NFTs in its platform and there are plans for a mid-May pilot launch for posting NFTs on Facebook.

“The company’s plans for NFT features on Facebook and Instagram also continue to advance.” – Meta

This project came not long after the company’s ill-fated move into cryptocurrency, where Meta’s  DIEM Payment Network, formerly known as Libra, shut down without ever launching. The intellectual property and other assets of Diem was officially sold last January to Silvergate Capital Corporation, a cryptocurrency-focused bank it was working with last year to launch a stablecoin pegged to the U.S. dollar. (Read more:  Facebook’s DIEM Formerly Known as Libra Shuts Down Without Ever Launching)

On the other hand, Novi, Facebook’s digital wallet received by the end of 2021 a Virtual Asset Service Providers (VASP) license from the Banko Sentral ng Pilipinas (BSP). (Read more:  PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP)

This article is published on BitPinas: Meta Exploring Non-Blockchain-Based Virtual Currency

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

Share some Bitpinas love:
Follow on social and subscribe to our newsletter

Shiela Bertillo

    BitPinas is the oldest blockchain and cryptocurrency news outlet that covers the Philippine blockchain and crypto scene. We are also writing general and international blockchain topics that are relevant to our audience.