Facebook, Inc. Common Stock (NASDAQ:FB) is very serious about developing and launching its own digital currency. This was said by Alex Heath from Cheddar. This is not the first time that reports of Facebook launching its own cryptocurrency, dubbed ‘Facecoin’ are coming to surface. However, this time round, such reports are having a lot of weight after the social media giant reshuffled entire executive structure.

According to the report by Cheddar, Facebook is developing a cryptocurrency that will enable its more than 2 billion users to pay electronically. The company is banking on its huge userbase together with a large market place for buying and selling good to adopt and drive the success of the cryptocurrency.

The company is said to have been studying blockchain technology for a year now and is working on a payment system for digital currencies which will facilitate transactions without the need for government-backed currencies. The company is also working integrating blockchian technology to0 help in user identification as well as securing its backend infrastructure.

Just recently, the social media giant announced that a group led by its vice president in charge of the Messenger app David Marcus had been formed to look into how best the company can use blockchain technology starting from scratch.

Initially, Marcus was the president of Paypal Holdings Inc (NASDAQ:PYPL) but later moved out to become a bitcoin investor. He later joined the board of director of Coinbase.

In response the repot by Cheddar, a Facebook spokesperson indicated that the company, just like many other companies is exploring the best ways to leverage blockchain technology. He added that the taskforce will be exploring several different applications of the technology.

However, reports indicate that it will still take several tears for Facebook to finally actualize plans for its own digital currency. According to people close to the mater, the company does not intend to hold an initial coin offering (ICO).

If the company launches its own digital currency, it is expected to make a number of acquisitions in the cryptocurrency and blockchain sectors so as to boost its efforts.

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