Meta Exploring Non-Blockchain-Based Virtual Currency: FT

Meta has put together preliminary plans to release virtual coins, tokens, and lending services to its apps, according to the Financial Times.

  • Facebook’s financial unit, 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 move comes not long after the company’s ill-fated move into cryptocurrency, with what’s left of the Libra/Diem stablecoin project sold off to Silvergate earlier this year. Of particular note, reports the FT, the current plans do not envision a blockchain-based digital currency, but instead in-app tokens centrally controlled by Meta.
  • Planning remains in early stages, and the project could be dropped and/or altered, according to the story, which adds that Meta is also exploring a move into traditional financial services, like small-business lending.
  • Efforts at integrating NFTs into Facebook and Instagram are more developed, said the report. According to an internal memo, it’s confirmed that Instagram will soon support NFTs, and there are plans for a mid-May pilot launch for posting NFTs on Facebook.
  • Meta didn’t immediately respond to CoinDesk’s request for comment.
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