Meta plans virtual currency for its apps after cryptocurrency failure
Meta Platforms Inc (NASDAQ: FB) is reportedly planning to introduce in-app virtual tokens and coins, which are unlikely to be a cryptocurrency, for rewarding creators, lending, and other financial service
By Arghyadeep Dutta
Published - Apr 07, 2022, 02:10 AM ET
Last Updated - Feb 22, 2024, 10:07 AM EST
• In-app tokens would be similar to those used in gaming apps
• Centrally controlled virtual currency system internally dubbed “Zuck Bucks” is in early stage of discussion
Meta Platforms Inc (NASDAQ: FB) is reportedly planning to introduce in-app virtual tokens and coins, which are unlikely to be a cryptocurrency, for rewarding creators, lending, and other financial services.
The company’s financial arm, Meta Financial Technologies, has been exploring the creation of a virtual currency, internally dubbed “Zuck Bucks”, for the metaverse and may not be based on blockchain, the Financial Times reported on Wednesday, citing people familiar with the matter.
