Meta is working on virtual coins for its apps

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Meta is working on virtual coins for its apps
09 Apr 2022
5 min read

News Synopsis

According to the latest reports, social media company, Meta Incorporations is developing a new virtual currency for its apps. On Thursday, Financial Times reported that Meta as part of its extensive "metaverse" efforts to create a pervasive virtual world is working on virtual coins and tokens. This currency has been nicknamed "Zuck Bucks" by the employees of the social media platform. People close to this have informed that this new virtual coin will most likely not be a cryptocurrency. Instead, it would be more like an in-app token regulated by Meta.

The head of Meta's finance division, Stephane Kasriel, said: "We're making changes to our product strategy and road map . . . so we can prioritize on building for the metaverse and on what payments and financial services will look like in this digital world.”

Financial Times reported Meta’s move as part of the strategy created to acquire new customers and build new revenue channels for the company. Earlier, Meta failed to launch its global cryptocurrency venture, Diem, this year citing financial issues and a lack of user privacy protections. Also, last month it announced that it will introduce NFTs to its popular platform Instagram.

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