At a time when big tech companies are considering or already making remarkable investments in the cryptocurrency sphere, Meta, the parent company of Facebook, has gone a step ahead. According to reports, the tech conglomerate is planning to launch crypto called 'Zuck Bucks', which is expected to boost its falling revenue.
Zuck Bucks, Could it be a Life Saver for Meta: On February 2, Meta has officially announced that its shares are down by 30%. The company revealed that its spending on the Metaverse and increasing competition from platforms like TikTok is causing the decline.
Fortunately, Meta has come up with a cryptocurrency solution to combat its falling revenue. As reported by Financial Times, Zuck Bucks, named after Facebook Founder Mark Zuckerberg, is unlikely to be a cryptocurrency. Similar to the mechanism of Roblox, Meta is also creating an in-app token that will be centrally controlled by the company.
Although not much is revealed about the possible revenue booster, the spokesperson has stated, "Meta was focused on building for the metaverse and that includes what payments and financial services might look like."
The Unsuccessful Crypto Stories: This is not the first time Meta is coming up with new cryptocurrency and ion-app token initiatives. In 2009, the company launched Facebook Credits to facilitate in-app purchases in games like Farmville. Since Meta was unable to manage it, the company shut down the service after four years.
The most recent try was Libra, which was later renamed, Diem. After the launch of Diem in 2019, Meta faced severe backlash from politicians and central banks. Eventually, it lost partners who initially came in support of the cryptocurrency. The unsuccessful attempt to peg Diem to the US dollar further limped its functionalities. Finally, Diem was put to rest in January this year.
Meta is Planning Big, But will Things Work Out: Last month, it was revealed that Meta has filed for eight crypto-related trademark applications for several categories including crypto tokens, blockchain software, virtual currency exchanges, financial and currency trading, as well as digital, crypto, and virtual currencies.
Facebook's name change to 'Meta' also seems to have a hidden motto for its entry into the cryptocurrency market.
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