It’s no longer news that Facebook has been working hard to launch its own bitcoin for cryptocurrency-based payments on its platform, taking advantage of its 2.38 billion users.
According to a report in The Wall Street Journal on Friday, the social media giant is â€œrecruiting dozens of financial firms and online merchantsâ€ towards this goal.
The cryptocurrency-based system would use a digital coin similar to bitcoin.
Facebook, on its part, has said it is exploring ways to leverage the power of Blockchain technology.
In a February interview with Harvard Law Professor Jonathan Zittrain, Facebook CEO Mark Zuckerberg said he was â€œpotentially interestedâ€ in putting the Facebook login on the Blockchain technology.
â€œIâ€™m thinking about going back to decentralised or Blockchain authentication. Although I havenâ€™t figured out a way to make this work out but this is around authentication and basically granting access to your information and to different services,â€ Zuckerberg told Zittrain.
According to him, Blockchain could give users more powers when granting data access to third-party apps.
Facebook last year promoted one of its senior engineers Evan Cheng as the Director of Engineering at its recently launched Blockchain division.
It has set up a group within the company to explore Blockchain technology and its potential use for the platform, headed by Messenger chief David Marcus.