Meta may have abandoned its Diem cryptocurrency, but it is still researching financial products and plans to create its own
According to the Financial Times, Facebook’s parent company Meta is investigating the possibilities of digital money known internally as “Zuck Bucks,” a pun on the founder’s name. In the face of intense opposition from banking regulators throughout the world, Meta abandoned its plan to develop a worldwide cryptocurrency, originally dubbed Libra but then renamed Diem.
Zuck Bucks, a cryptocurrency that appears to be named after Meta creator, chairman, and CEO Mark Zuckerberg, are “unlikely” to exist. Instead, project is considering creating in-app tokens that would be centralized by the firm, similar to those used in gaming applications, such as the Robux money in the famous children’s game Roblox. Roblox has made a fortune selling Robux, and Meta might attempt to replicate some of that success on its own platforms.
According to a Meta spokesman, the business has “no updates to report,” but is “focused on creating for the Metaverse, which includes what payments and financial services may look like.” The company’s more recent cryptocurrency initiatives also failed after regulators stopped the platform’s attempt to introduce a stablecoin connected to the US dollar.
Meta is also rumored to be exploring introducing creator-specific currencies connected with Instagram influencers, as well as tokens distributed to users for contributing to Facebook groups. Though posting to Facebook groups may eventually be rewarded, it may imply that connecting on this site for the sake of socializing is losing its luster.
Meta announced last month that it has applied for eight crypto-related trademark applications across numerous categories, including crypto tokens, blockchain software, virtual currency exchanges, financial and currency trading, and digital, crypto, and virtual currencies. The name change by Facebook appears to have a hidden slogan for its foray into the cryptocurrency industry.
