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Facebook To Pay Employee Salary With Its Cryptocurrency

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Facebook will reportedly announce its cryptocurrency later in June 2019. The company will also allow its employees working on the project to receive their salary using the currency.

 

In 2018, Facebook appointed former PayPal executive David Marcus to help with developing its exploration of cryptocurrency. The company had reportedly been building its own digital currency for a while now. The new currency will let users trade and exchange for regular currency.

 

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Facebook will use its apps like WhatsApp and Messenger in exchanging these currencies. Facebook also reportedly plans its own ATM machines where users can buy its cryptocurrency. This will supposedly make it easier for Facebook’s users to pay and exchange money between countries.

 

Mark Zuckerberg stressed that payments were an important part of the company. The founder said this during the company’s developer’s conference. It also seems like Facebook is soliciting third-party organisations to help manage the cryptocurrency nodes. Reports, however, suggest that it has a $10 million fee attached to it though.

 

The nodes for cryptocurrencies often contains the computing power needed to solve a complicated mathematical equation. These equations in turn help to validate transactions. They are also mostly spread between thousands of parties.

 

Facebook is, however, now creating a foundation with partners that will help manage the currency.

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