Facebook is reportedly announcing its cryptocurrency this month, and will allow employees on the project to get paid in the new currency.
executive David Marcus to begin exploring opportunities with blockchain, the technological underpinning for cryptocurrency. Since then, several outlets have reported that the company has been building its own digital currency, which users will be able to store, trade, and exchange for regular currency, in part through Facebook apps including Messenger and WhatsApp. The report adds that Facebook is also planning physical ATM-like machines where users can by the currency.
Building an easy way for Facebook's more than 2 billion users to pay for things and exchange money between countries could help the company diversify beyond advertising, which today accounts for nearly all of its revenue. Facebook's ad model has faced criticism from privacy advocates, lawmakers and the press for the ways it collects and uses detailed information about users.
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