Report: Facebook Wants To Build Its Own Cryptocurrency

Facebook had a tough year when it comes to user privacy, with surveys showing that trust in the social media giant is on a steady decline. But that isn’t about to stop the company from trying to obtain even more of your info. According to a recent report in Bloomberg, Facebook is primed to enter the world of financial services in a big way with its very own cryptocurrency currently under development.

For some time, Facebook has signaled an interest in turning Messenger into a payments platform. However, with so many data breaches and privacy controversies plaguing it, experts questioned whether users would ever trust the company with their hard-earned money. However, Facebook seems to be plowing ahead with the plan, even going so far as to develop its own currency. But the company was also quick to point out that it’s only in the early stages of the process, and that many other companies are attempting something similar.

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” a Facebook spokesperson told Bloomberg in a statement. “This new small team is exploring many different applications. We don’t have anything further to share.”

Much like its in-home Portal video chat device, this plan could easily backfire on Facebook. After all, at the end of a year that saw Facebook lose the data of millions of users, who would trust the site with their money?