06 June 2019 12:46, UTC

Facebook is ready to announce the launch of its own cryptocurrency this month. Employees working on the project will be able to receive salaries in the form of a new currency, as is reported by The Information.

About a year ago, the company appointed the former executive of PayPal,, to teamlead the blockchain research department. Since then, several outlets have announced that the company creates its own digital currency that users can store and exchange for regular currency using Facebook applications, including Messenger and WhatsApp. Facebook also plans to use physical ATMs, where users can buy their currency.

The launch of cryptocurrency can help the company to diversify revenue, which today largely depends on the advertising sales. The ad model of the social network has been criticized by privacy advocates, lawmakers and the press for the way it collects and uses personal information of the users.

The report also says that Facebook solicites third-party organizations to act as nodes that help manage cryptocurrency. Facebook creates a fund with nominal partners to help manage its currency. Company representatives didn’t provide comments so far.

Image courtesy of Finance Yahoo

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