Meta Exploring Non-Blockchain-Based Virtual Currency: Report

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Meta Exploring Non-Blockchain-Based Virtual Currency: Report

Meta (FB) has put together preliminary plans to release virtual coins, tokens, and lending services to its apps, according to the Financial Times.

  • The former Facebook’s financial unit, Meta Financial Technologies, has been exploring the creation of a virtual currency for the metaverse, or “Zuck Bucks” as it’s being referred to by company employees, the FT reported, citing several people familiar with the matter.
  • The latest move comes not long after the company’s ill-fated move into cryptocurrency, with what’s left of the Libra/Diem stablecoin project sold off to Silvergate earlier this year. Of particular note, reports the FT, the current plans do not envision a blockchain-based digital currency but in-app tokens centrally controlled by Meta.
  • Planning reportedly remains in early stages, and the project could be dropped and/or altered, according to the FT. Meta is also said to b exploring a move into traditional financial services, such as small-business lending.
  • Efforts at integrating non-fungible tokens (NFT) into Facebook and Instagram are more developed, said the report. According to an internal memo, Instagram will soon support NFTs and there are plans for a mid-May pilot launch for posting NFTs on Facebook.
  • Meta didn’t immediately respond to CoinDesk’s request for comment.


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