Meta will re-challenge to issue its own cryptocurrency. The cryptocurrency is called “Zuck Bucks” after founder Mark Zuckerberg within Meta.
The Financial Times (FT) reported on the 7th that Meta is preparing a cryptocurrency that can provide financial services such as loans and pay creators as compensation in its applications such as Facebook, Instagram, and WhatsApp.
The cryptocurrency is called “Zuck Bucks” inside Meta. It is a combination of the name of the founder and CEO Zuckerberg and “buck,” which means dollar, the unit of currency.
The move to issue cryptocurrency came as Meta is making large-scale investments with the 3D virtual world “Metaverse” as its main new business. An industry official told FT that Zuck Bucks is likely to be in the form of an in-app token that allows payment within an app, not a blockchain-based one.
Meta is also reportedly considering the introduction of another in-app token such as “social token” and “creator coin.” It allows users to pay creators on Instagram as compensation or to pay for those with high contributions in the Facebook group.
Meta refused to give a clear answer to the report, only saying that the company is currently focusing on building Metaverse.
Meta has consistently expressed its willingness to enter financial services. Zuckerberg said at an event last month that he would introduce NFT on Instagram in the near future. Meta also joined the Crypto Open Patent Alliance (COPA) earlier this year, which pledges open access to cryptocurrency technologies.
Earlier, Meta launched a business that allows users around the world to use their own cryptocurrency named “DM” for product payment and remittance without fees. However, concerns from central banks, financial authorities, and councils of each country over the reliability of meta, such as the history of large-scale user personal information leakage, disrupted business progress and eventually gave up.
