Meta Platforms Inc is readying
plans to introduce virtual tokens and cryptocurrencies to its
family of apps with an aim to use such virtual tokens for
rewarding creators and lending and other financial services, theFinancial Times reported on Wednesday.
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If implemented, it could also give Meta a new revenue
channel and control over transactions in its suite of apps and
services, which include Facebook, Instagram, WhatsApp and the
Meta Quest virtual reality platform.
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Meta's cryptocurrencies, internally dubbed "Zuck Bucks", are
intended for the metaverse and may not be based on blockchain,
the report said, citing people familiar with the matter.
Meta could introduce in-app tokens that would be centrally
controlled by the company, the report said, and such tokens
could be used to pay favourite creators on Instagram or reward
people who make meaningful contributions in Facebook groups.
"We have no updates to share today," a Meta spokesperson
told Reuters on Wednesday, adding that the company is focused on
building for the metaverse "and that includes what payments and
financial services might look like."
Mark Zuckerberg, Chief Executive Officer of Meta, said last
month that Instagram will introduce non-fungible tokens (NFTs)
in the "near-term".
Earlier this year, Meta joined the Crypto Open Patent
Alliance (COPA), a group of companies led by Jack Dorsey's Block
Inc that has pledged to promote open access to
cryptocurrency technologies.
Meta Platforms Inc is readying plans to introduce virtual tokens and cryptocurrencies to its family of apps.
If implemented, it could also give Meta a new revenue channel and control over transactions in its suite of apps and services.
Meta could introduce in-app tokens that would be centrally controlled by the company, the report said, and such tokens could be used to pay favourite creators on Instagram or reward people who make meaningful contributions in Facebook groups.
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