Facebook Reportedly Developing Their Own Cryptocurrency

Facebook Developing A Cryptocurrency

Cryptocurrency, as a whole, has taken a pretty significant backseat to its popularity boom back in 2017. This is, admittedly, tied in almost entirely due to the significant drop off in value to Bitcoin. That doesn’t, however, mean that people (or companies) are not still happily trading, investing and indeed mining.

In a report via CNET, however, Facebook has reportedly set up a company in Switzerland with the specific aim of creating their very own cryptocurrency.

Libra Networks

The company, known as Libra Networks is reportedly looking to create both a payment and blockchain system that will presumably be directly tied into the social media website.

It is believed, however, that Facebook is very keen to have this currency directly tied into the US dollar. A factor that eludes many of the major traded ‘coins’.

What Do We Think?

This isn’t the first time that we have heard rumours that Facebook was working on this. It is, however, the first time that the news has come from a relatively internal source (namely, a Swiss news outlet).

While the social media site hasn’t confirmed the creation of a cryptocurrency, they are willing to admit that they are researching blockchain technology.

Could we soon have the option to mine while browsing our account though? Only time will tell, but something tells me that this seems likely!

What do you think? Do you think this could prove to be a success for Facebook? – Let us know in the comments!