Meta plans to launch digital currency, lending services to its apps

Meta is reportedly planning to launch a virtual currency named after CEO Mark Zuckerberg dubbed ‘Zuck Bucks’, as well as lending services for the apps it owns, which might include Facebook, WhatsApp, Instagram, and Messenger.
Meta plans to launch digital currency, lending services to apps
Meta plans to launch digital currency, lending services to apps

The effort toward tokens and virtual currency, according to a Financial Times report published on Wednesday, is aimed at investigating new revenue streams as interest in Facebook and Instagram declines. Meta’s prospective virtual money, called ‘Zuck Bucks’ by staff, will be intended for usage in the metaverse.

Meta is allegedly considering centrally managed tokens to be used within its apps, akin to in-game currency, rather than typical cryptocurrencies linked to a blockchain, according to the report. According to reports, the business is also exploring creating social tokens’ for engagement rewards and ‘creator coins’ for influencers.

In January, Meta’s director of finance division Stephane Kasriel said, “We’re making changes to our product strategy and road map […] so we can emphasis on designing for the metaverse and on what payments and financial services will look like in this digital environment.”

Integrating virtual currency into Meta’s apps could coincide with the company’s investigation of nonfungible tokens on Facebook and Instagram profiles. According to the report, Meta intends to launch an NFT pilot program as early as May 2022.

Meta was in the early stages of considering introducing an NFT marketplace, as well as looking into ways to allow users to manufacture collectible tokens, as we reported in January. In August, David Marcus, co-founder of the Facebook-backed Diem token, stated that the business was “absolutely looking” into NFTs.