The social network Facebook may create its own digital token in the future. It will allow its customers to make payments without using government-backed currencies.

Facebook is exploring the possible advantages of launching its own cryptocurrency, writes the news portal Cheddar. According to its reporter Alex Heath, who cites anonymous sources close to the discussions, the company, whose market capitalization exceeds $533 billion, is holding discussions on this issue at the highest level.

“Sources say that Facebook is specifically interested in creating its own digital token, which would allow its more than two billion users to facilitate transactions without government-backed currency. Facebook is also looking at other ways that it could use this core blockchain technology that underpins these popular cryptocurrencies like bitcoin and ethereum.”

 

According to Heath, Facebook in particular is exploring the possibility of improving the users verification process with the help of blockchain and enhancing the security of the backend infrastructure.

Earlier, another messenger, Telegram, decided to create its blockchain platform (Telegram Open Network) and its own cryptocurrency Gram. Telegram managed to raise $1.7 billion via several closed rounds of financing.