Meta Exploring Non-Blockchain-Based Virtual Currency: Report

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Are “Zuck Bucks” in our future? Meta, Facebook’s parent company, has drawn up preliminary plans for 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 latest move comes not long after the company’s ill-fated move into cryptocurrency. What was left of Meta’s Libra/Diem stablecoin project wasSilvergate Bank earlier this year. The FT reported that Meta doesn’t envision a blockchain-based digital currency, but in-app tokens that are centrally controlled by the company.

The planning reportedly remains in early stages, and the project could be dropped or altered, or both, according to the FT. Meta is also said to be exploring a move into traditional financial services, such as small business lending. into Facebook and Instagram are more developed, the report said. According to an internal memo, Instagram will soon support NFTs and there are plans for a mid-May pilot launch for posting NFTs on Facebook.

 

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