Meta 'to launch' virtual coins across platforms

Social media giant Meta - formerly Facebook - reportedly has plans to launch new virtual coins called 'Zuck Bucks' across its platforms.

According to a report by the Financial Times, the company will also introduce tokens and lending services on its platforms.

The move, which is part of plans to diversify its offering and add new ways to earn revenue, comes after Facebook saw daily active users grind to a halt in the final months of last year – the first time in the social media platform’s 18-year history.

The newspaper said that, according to its sources, the company’s financial arm has been looking to develop a virtual currency for its metaverse plans.

They said that the digital currency was unlikely to be based on a blockchain and would instead be in-app tokens managed by the business.

The FT reported that company memos and sources have revealed that Meta is exploring the development of “social tokens” or “reputation tokens”. These could be used as part of a reward system.

Creator coins have also been highlighted as a potential use case, which will be connected to influencers on Instagram.

“We have no updates to share today,” said a Meta Spokesperson. “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.”

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