Meta Exploring Non-Blockchain-Based Virtual Currency: Report

Meta Platforms

, Facebook's parent company, has put together preliminary plans to release virtual coins, tokens and lending services on its apps, according to the Financial Times.

• Meta Financial Technologies has been exploring the creation of a virtual currency for the metaverse, or “Zuck Bucks” as it’s being referred to by company employees, the FT reported, citing several people familiar with the matter.
• The latest move comes not long after the company’s ill-fated move into cryptocurrency. What was left of Meta’s Libra/Diem stablecoin project was sold to Silvergate Bank earlier this year. The FT reported that Meta doesn’t envision a blockchain-based digital currency, but in-app tokens that are centrally controlled by the company.
• The planning reportedly remains in early stages, and the project could be dropped or altered, or both, according to the FT. Meta is also said to be exploring a move into traditional financial services, such as small business lending.
• Efforts at integrating non-fungible tokens (NFTs) into Facebook and Instagram are more developed, the report said. According to an internal memo, Instagram will soon support NFTs and there are plans for a mid-May pilot launch for posting NFTs on Facebook.
• A Meta company spokesperson told CoinDesk it didn’t have new plans to share at this time.
• “We continuously consider new product innovations for people, businesses and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like,” the spokesperson said.

UPDATE (April 6, 22:03 UTC): Adds comment from Meta spokesperson.