Meta Platforms (FB) is not giving up on its dream of creating a digital currency.
The parent company of Facebook may have given up on its Diem cryptocurrency, but the company is still exploring finance products, including a virtual currency that employees have nicknamed “Zuck Bucks.”
Zuck Bucks, named after Meta Platforms chief executive Mark Zuckerberg, are unlikely to be a cryptocurrency. Instead, Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company like those used in gaming apps such as the Robux currency in popular children’s game Roblox.
Meta Platforms hasn’t totally distanced itself from blockchain products, as the company is also looking at posting and sharing non-fungible tokens (NFTs) on Facebook. The company reportedly plans to launch a pilot for NFTs in mid-May of this year, according to an internal memo that has been leaked to the media.
In addition, Meta Platforms is exploring “social tokens” or “reputation tokens” that could be issued as rewards for meaningful contributions in Facebook groups and exploring traditional financial services such as loans to small businesses.
Meta Platforms stock is down 34% year to date at $223.30 U.S. a share.
