David Durand, Advisor, Innovation and Advocacy
September 9th, 2020
CB Insights | April 30, 2019
While a “Facecoin” might not lay the company’s many controversies to rest, it could potentially address everything from centralized single sign-on to cheaper payments processing. A variety of different signals point to Facebook getting serious about blockchain and digital currency.
For one, in January 2018, Facebook CEO Mark Zuckerberg mentioned cryptocurrency when disclosing his annual project for 2018:
“There are important counter-trends to [the rise of Big Tech] — like encryption and cryptocurrency… I’m interested to go deeper and study the positive and negative aspects.”
Since then, the company has created a formalized group dedicated to exploring blockchain.
However, using the CB Insights platform, we learned Facebook has been experimenting with digital currency tech for quite some time.
From a new org structure to patent trends, we used the CB Insights platform to highlight Facebook’s blockchain ambitions and the possibility of a Facebook cryptocurrency — FaceCoin.
As Facebook looks to redefine itself and expand its offerings, blockchain could be a significant lever to pull. Among many possibilities, tech commentators have theorized Facebook could build:
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