Sometime around May 11, 2018, unnamed sources told Cheddar.com that Facebook is exploring the creation of it's own cryptocurrency, and needs to make acquisitions in the blockchain and cryptocurrency space in order to develop its this virtual currency.
The social media giant began its examination of blockchain technology to see how it could also be used to help Facebook verify the identity of accounts and encrypt data.
David Marcus, VP in charge of the Messenger app, will lead a team of less than a dozen Facebook employees working on blockchain. No ICO is planned. Their digital currency could take 2 years to develop.