Meta, the parent company of Facebook, may soon create a new currency called “Zuck Bucks.”
Driving the news: Meta may be exploring a new finance product called “Zuck Bucks,” which would be a virtual currency system, per the Financial Times.
Details: “Zuck Bucks” isn’t the official name, but it’s the name that Meta employees are using for the currency.
- Financial Times reports that the “Zuck Bucks” likely would not be a cryptocurrency.
- “Instead, Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps such as the Robux currency in popular children’s game Roblox,” per Financial Times.
Flashback: Back in January, Meta stopped Facebook’s attempt to bring cryptocurrency to its users when the Diem Association — which Facebook founded in 2019 — said it would sell its technology to a California bank, per The Wall Street Journal.
- Facebook planned to create a cryptocurrency named Libra back in 2019, which would then drive e-commerce ventures on the platform, according to The Associated Press.
Yes, but: “The project immediately ran into fierce opposition from policymakers globally, who worried it could erode their control over the money system, enable crime and harm users’ privacy,” per Reuters.
One last thing: Per The Verge, Meta is potentially adding new “social tokens” or “reputation tokens” that could be given as rewards to Facebook group members.