Facebook plans to launch its own cryptocurrency: Report

Facebook is said to be focused on using the virtual currency to facilitate payments within its platform.

Global spending on Blockchain solutions is expected to reach $2.1 billion in 2018, more than double of the $945 million spent in 2017 (REUTERS)

After setting up a new blockchain division, Facebook is reportedly exploring the idea of launching its own cryptocurrency.

Citing "people familiar with Facebook's plans", technology website Cheddar claims the social media company is "very serious about it." "However, Facebook deson't have plans to hold a so-called initial coin offering (ICO) by offering a limited number of virtual tokens for the public to buy at a set price," the report added.

Facebook, which has more than 2 billion users globally, is likely to allow users to use the cryptocurrency to make payments on its own platform. Facebook is currently expanding its Marketplace where users can buy and sell goods. Its Messenger is already being used businesses.

"Like many other companies Facebook is exploring ways to leverage the power of blockchain technology. This new small team will be exploring many different applications. We don't have anything further to share," Facebook said in a statement to TheVerge.

The latest report comes after Facebook named new leaders for some of its core divisions, including the core social network, WhatsApp and Messenger. The company also unveiled a new initiative to explore the use of blockchain.

The new blockchain team would come under "New platforms and infra" run by Chief Technology Officer (CTO) Mike Schroepfer, who will also take care of Facebook's AR, VR and Artificial Intelligence initiatives.

"I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch," David Marcus, currently the executive in-charge of Facebook Messenger, said in a post.

Global spending on blockchain solutions is expected to reach $2.1 billion in 2018, more than double of the $945 million spent in 2017, market research firm International Data Corporation (IDC) said earlier this year.

Mired in a massive data breach controversy, Facebook has rolled out biggest-ever shuffle at the senior management level since its inception -- across platforms, including WhatsApp and Messenger. According to Recode, the company has made long-time executive Chris Cox in-charge of Facebook, Instagram, WhatsApp and Messenger -- now called a "family of apps".