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Meta Platforms, Facebook’s parent firm, finalized plans to release virtual coins, tokens, and lending services on its apps.
Source: FT
FB: NASDAQ is up +0.78%, Pre-market trading, BTC USD up +1.14%
Meta Financial Technologies has been considering the creation of a virtual currency for the metaverse, or “Zuck Bucks” as it is being called by company employees.
The move comes after the company’s failure to venture into cryptocurrency. Earlier this year, Meta’s Libra/Diem stablecoin program was disposed to Silvergate Bank.
Meta is not looking to develop a blockchain-based digital currency but in-app tokens centrally controlled by the company.
The planning remains in its early phases, and the project could be changed or altered. Meta is also exploring investing in traditional financial services, such as small business lending.
The plans to integrate non-fungible tokens (NFTs) into Facebook and Instagram are more advanced and developed.
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