Meta is developing its own digital currency

Accordingly, Meta is planning to integrate the coin into the company’s apps to be used to reward content creators and provide financial services.

Meta’s cryptocurrency, internally called “Zuck Buck”, is expected to be used in the metaverse virtual universe. If implemented, this plan will give Meta a new source of revenue as well as help the company control transactions on applications and services such as Facebook, Instagram, WhatsApp …

Meta may also not be completely separate from blockchain products as the company is considering posting and sharing NFTs on the social network Facebook. According to the Financial Times, Meta is likely to pilot the feature in mid-May.

Also, Meta is said to be developing a “social token” or a “reputation token”. They can be released as a reward for important contributors in Facebook groups.

According to the Financial Times, this plan may just be in its early stages. Currently, Meta has not yet responded to the above information.

The above information comes in the context of Meta’s increasing focus on central services in the metaverse – a virtual environment that allows all users to freely interact, play and work. Earlier this year, Meta joined the Cryptocurrency Open Patent Alliance (COPA) – an enterprise group committed to promoting an open approach to digital currency technology.

Before that, in 2019, Facebook – before changing its name to Meta – announced plans to release coins electronic money separately associated with the payment system using this currency. However, this idea immediately became the subject of concern for global financial regulators with doubts about the safety and reliability of the project.

Facebook’s own cryptocurrency development project was once called Libra (Image: The Verge)

Initially, the project was called Libra, attracting the participation of many major global financial partners. However, after key partners such as PayPal, Visa and Mastercard withdrew from the project, Libra was renamed Diem at the end of 2020 and narrowed its initial ambitions.

In January 2022, the company continued to announce the downsizing of the Diem cryptocurrency project and sold the technology to Silvergate Capital for $182 million.

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