Zuckerberg is making his own digital currency - ZUCK BUCKS

Amalia A. Amalia A.
11 Apr 2022
1 min read
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Zuckerberg is making his own digital currency - ZUCK BUCKS

Meta, the parent company of Facebook and Instagram is reportedly planning on introducing virtual currency to its apps. 

Financial Times states that the social media company will use the virtual token to reward creators, lending and other financial services. The company is also looking into traditional financial services like offering loans to small businesses.

Meta is also expanding to the Metaverse a virtual environment where people interact, work and play.

Zuck Bucks in-app tokens, controlled by Meta will not be based on blockchain technology.

The company tried to make its own cryptocurrency, but its efforts were not successful. In 2019 Facebook announced Libra, a cryptocurrency backed by several international currencies, but this got a lot of criticism from politicians and central bankers. 

Then, some partners left the project and Libra was rebranded to Diem in 2020. The Diem project was also a fail.

It became clear from our dialogue with federal regulators that the project could not move ahead.

CEO Stuart Levey said,

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Amalia A.
Amalia A.
About the Author

NFT Artist, Book Author & Marketing Strategist Passionate about Blockchain, Crypto enthusiast