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Meta is also developing plans for the NFT feature on Facebook and Instagram.
Facebook's parent company Meta Platforms has made preliminary plans to issue cryptocurrencies, tokens and lending services on its apps, the Financial Times reported.
Meta Financial Technologies has been working on creating a digital currency for Metaverse or its employees, also known as "Zuck Bucks." The new move follows the company's announcement of its entry into the cryptocurrency sector, the rest of the Meta's Libra/Diem stablecoin project was sold to Silvergate Bank earlier this year.
According to the Financial Times, the purpose of Meta is not a digital currency based on Blockchain technology but tokens in applications that are fully controlled by Meta. Planning remains in the early stages, so the project can still be scrapped or changed in the future. Meta is also said to be looking to enter the traditional financial services industry, such as loan support for small businesses.
Besides, efforts to integrate NFT into Facebook and Instagram are growing better. According to the internal memo, Instagram will soon support NFT, and plans to post an NFT test on Facebook are scheduled to launch in May.
Speaking about the current context, Meta representatives said they do not yet have any new plans to share. "We are constantly considering new product improvements for people, businesses and innovators. We are focused on building metaverse including in terms of the form of payments and financial services."
