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Facebook Reportedly Considers Own Crypto, but First Blockchain

According to online media company Cheddar, an anonymous source has reported that social media juggernaut Facebook is considering creating its own cryptocurrency in order to simplify online payments.

This consideration, apparently with little regard to its recent banning of cryptocurrency advertising, is surprising given that insiders have claimed that the company has no plans to hold an initial coin offering (ICO) and will almost certainly not launch any cryptocurrency in the coming year.

What is more likely though, given that large companies are adopting blockchain technology in increasing numbers, is that Facebook takes this direction long before it considers its own cryptocurrency.

Early Bitcoin investor, Messenger’s David Marcus, who has overseen Facebook development since 2014, in a shakeup at Facebook HQ, now heads up group tasked with exploring blockchain technology on behalf of the company. It was reported that an internal post this week announced the company’s blockchain initiative to employees, although it was non-specific.

When questioned, Marcus, who has now joined the board at giant crypto exchange Coinbase, refuted any immediate plans to integrate cryptocurrency into the FB machinery, commenting:

“Payments using crypto right now is just very expensive, super slow, so the various communities running the different blockchains and the different assets need to fix all the issues, and then when we get there someday, maybe we’ll do something.”

Bridget van Kralingen, IBM’s senior vice president of global industries, platforms and blockchain, suggests: “It’s a technology that fits very well with some of the business model challenges that they’re actually facing, and I think they’re very right to take this very seriously.”

Facebook’s CEO Mark Zuckerberg last week ordered major administrative changes to the social network, giving more responsibility to his chief product officer and launching the blockchain division.

 

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Crypto Payments Set to Return to Reddit

The CTO of Reddit, Christopher Slowe, has announced that Bitcoin is set to return as a payment option on the platform.

Slowe was interviewed by the business and technology news outlet Cheddar, when he revealed that Reddit was currently working towards the reintroduction of the Bitcoin payment option. Users were previously able to purchase Reddit Gold with Bitcoin on the platform but this option was disabled recently.

During the interview, Slowe noted that Reddit was also investigating the feasibility of providing alternative cryptocurrency payment methods, saying, ”We are looking at Ethereum and Litecoin that are provided by Coinbase as well.”

While Slowe did not provide a timeframe for when he expected the payment methods to be live, he did say that he anticipates them to come back in the near future. In the meantime, Reddit users are still able to purchase Reddit Gold via PayPal or Credit Card.

.@Reddit, which hosts communities for every single cryptocurrency in the world, is hoping to bring back crypto payments to the platform, this time with Ethereum and Litecoin in addition to Bitcoin, according to CTO @KeyserSosa. pic.twitter.com/wkUniMvhex

— Cheddar (@cheddar) May 2, 2018

Bitcoin was disabled as a payment option in March this year, according to a Reddit admin due to changes made to the payment gateway provider Coinbase Commerce. The admin user claimed that an issue with the Coinbase service had led to its removal.

“Yup that’s right. The upcoming Coinbase change, combined with some bugs around the Bitcoin payment option that were affecting purchases for certain users, led us to remove Bitcoin as a payment option,” the admin wrote.

Coinbase Commerce had indeed changed the terms of their service, requiring merchants to make a significant upgrade to continue facilitating transactions. During the interview with Slowe, he said that rather than Reddit focus on this upgrade, they were instead fixing efforts on upgrading the design of the platform.

Reddit hosts the largest online cryptocurrency community for discussions and debate. Currently, the Bitcoin subreddit has 816,000 subscribers, with the cryptocurrency subreddit holds over 663,000 subscribers. Reddit first enabled Bitcoin as a payment option in February 2013.

 

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