Meta Exploring Non Blockchain-Based Virtual Currency

Meta Platforms (FB), Facebook’s parent company, has put together preliminary plans to release virtual coins, tokens and lending services on its apps, according to the Financial Times.

Meta Financial Technologies has been exploring the creation of a virtual currency for the metaverse, or “Zuck Bucks” as it’s being referred to by company employees, the FT reported, citing several people familiar with the matter.
The latest move comes not long after the company’s ill-fated move into cryptocurrency. What was left of Meta’s Libra/Diem stablecoin project was sold to Silvergate Bank earlier this year. The FT reported that Meta doesn’t envision a blockchain-based digital currency, but in-app tokens that are centrally controlled by the company.
The planning process is still in its initial stages. According to the Financial Times, it could be dropped, modified, or both. Meta is also believed to be considering a move into traditional financial service, such small business lending.
Efforts at integrating non-fungible tokens (NFTs) into Facebook and Instagram are more developed, the report said. An internal memo states that Instagram will soon be able to support NFTs, and plans are in place for a pilot launch in May for NFT posting on Facebook.
A Meta company spokesperson told CoinDesk it didn’t have new plans to share at this time.
“We continuously consider new product innovations for people, businesses and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like,” the spokesperson said.
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