Headed up by Messenger chief David Marcus, the new team will be exploring how blockchain technologies could be used to improve Facebook. In India alone, there are around 270 million Facebook users, out of more than 2 billion monthly users worldwide.
Another source familiar with the matter told FOX Business that despite the reports, it's wrong to assume the company is focusing on any "particular area" when it comes to cryptocurrencies or blockchain.More news: City of Calgary calling Alberta Emergency Alert system test a success
You still shouldn't expect to make digital payments on Facebook or its other platforms for a while-perhaps years.
A Facebook spokesperson told Fortune in an email, "Like many other companies Facebook is exploring ways to leverage the power of blockchain technology".
Facebook on Tuesday confirmed an unprecedented management team shakeup in the aftermath of a major data privacy scandal that has rocked the social network.More news: Nintendo to launch adjustable Nintendo Switch charging stand
According to the report, Facebook is assessing the advantages of issuing its own digital currency.
Longtime Facebook executive Javier Olivan will be in charge of a "central product services" division handling features such as security and ads that are common to various services run by the social network, according to Recode.
Marcus leads a group of not as much as dozen Facebook representatives dealing with the blockchain. 'This new small team will be exploring many different applications. When asked if Facebook would be integrating cryptocurrency into its apps anytime soon, Marcus mentioned that he thinks cryptocurrencies have ample room to improve their effectiveness. Kevin Weil, Product Manager at Instagram, is leaving this job to join Facebook's blockchain department, and Adam Mosseri, head of Facebook News Feed, will take over Weil's position on Instagram, the company said.More news: Flipkart co-founder Sachin quits after Walmart deal
The social network is also among online platforms that came under fire for being used to spread misinformation and foment division ahead of the USA presidential election in 2016.
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