September 29, 2022

Financial Times has learned about Meta’s plans to issue its own digital tokens


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Meta (formerly Facebook) is considering creating centralized tokens for its own metaverse. This is reported by the Financial Times, citing informed sources.

The company’s fintech division, Meta Financial Technologies, is allegedly studying the launch of a digital currency, which employees of the structure call Zuck Bucks.

The interlocutors of the publication called the use of blockchain technology in the tool “unlikely”. According to them, we are talking about a centralized token like Robux, which circulates in the Roblox metaverse.

According to the FT, Meta is also considering creating a “social” or “reputational” token, according to company memos and words from people familiar with its plans. It is designed to reward users who have made a “meaningful contribution” to the development of certain Facebook communities.

Another potential digital asset, creator coins, is being used to reward content creators, influencers, and Instagram users.

According to the publication, Meta plans to expand its business into the traditional financial services market. FT sources said the company will focus on lending to small businesses. This initiative is at an early stage of discussion, but it has already been discussed with potential landing partners.

Earlier, FT journalists learned about Meta’s plans to integrate NFT into Facebook and Instagram, as well as launch a platform for minting non-fungible tokens. According to new information from the publication, the launch of the pilot program may take place as early as mid-May 2022.

Since 2018, Meta has been developing its own stablecoin, Libra. However, in 2019, the company faced regulatory pressure — the authorities were concerned about the impact of the instrument on the global financial system.

In May 2020, Meta rebranded Libra to Diem, and its digital wallet from Calibra to Novi. A new operator was created to manage the project. In December of the same year, the consortium behind the stablecoin changed its name to the Diem Association.

Recall that in February 2022, the Diem Association announced the sale of intellectual property and other assets related to the Diem payment network to Silvergate Capital Corporation.

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