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Facebook coming up with its own cryptocurrency in order to make amends for the Cambrige Analytica Scandal?




Facebook coming up with its own cryptocurrency in order to make amends for the Cambrige Analytica Scandal?
Source: Max Pixel

Facebook, the biggest and currently the most controversial social media platform around the world is reportedly going to be launching its own cryptocurrency with its main focus being on improving the cross-border payments. Although there has been no “official” confirmation of the same, the chatter on social media has already begun.

Facebook has been on everyone’s mind after the Cambridge Analytica scandal. The British Political Consulting Firm is accused of using millions of Facebook users’ data in order to manipulate the U.S Presidential Elections. Cambridge Analytica was even about to launch its own cryptocurrency and release it in Mexico this year. The data collected from the ICO would then be used to for campaign strategies for Mexico’s elections.

But ever since the scandal came out in public, both Facebook and Cambridge Analytica have been scrutinized by the public and Mark Zuckerberg, the CEO and Founder of Facebook taking the biggest hit. Ever since then, Facebook has lost millions of users who deleted their accounts from the social media platforms including Elon Musk, the CEO, and face of Tesla.

Spokespersons of Facebook have given statements on various social media platforms claiming that they would be making use of blockchain technology very soon and some argue that this is the way for Facebook to make amends.

An official of Facebook who spoke to Cheddar said that they are very serious about it. David Marcus, the Vice President of Messenger will be will be leading a new team to explore how to leverage the blockchain across Facebook in the best way possible.

Some market speculators were expecting Facebook to enter the crypto-space ever since they had banned advertising of cryptocurrency on their platform and there were a lot of people even suggesting that Facebook should get into the Blockchain Technology in order to avoid future scandals like Cambridge Analytica.

A Pompliano, a crypto-capitalist says:

“Facebook is reported to be working on their own cryptocurrency. THE VIRUS IS SPREADING AND NO ONE CAN STOP IT. “

Mark Alberts, a cryptocurrency enthusiast says:

“Sorry but I think the last thing we need is a Facebook token/currency. IMO Facebook has proven they can’t be trusted. They sidestep morals for the sake of lining their pockets.”

Dark Drumz, a Twitterati says:

“I think if facebook, did a 180 on data and focused on helping people vs using them as some form of source for generating funds, with their so called free platform, then it would be a win, however, knowing FB disregards privacy is concerning if they came in the space”

Megan Davenport, another Twitterati says:

“They’ve got no choice after what’s happened lately…. can’t believe they’re so slow with it.”

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Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects


Bitcoin [BTC]: Fidelity has a ‘room full of ASIC miners’ at its Texas office, claims Justin Moon

Yash Rajan



Bitcoin [BTC]: Fidelity has a 'room full of ASIC miners' at its Texas office, claims Justin Moon
Source: Pixabay

Bitcoin [BTC] had become the center of discussion in the crypto-verse after its meteoric rise recently. BTC is considered to be the digital gold with huge growth potential. As the interminable discussions continued for a long time, individuals associated with this discourse exhibited legitimate reasons both ‘for’ and ‘against’ the validity and acknowledgment of digital forms of money.

Enthusiasts around the globe believed that the big names of the market and hotshots in the corporate space were complacent about BTC. As Bitcoin is increasingly gaining recognition on a daily basis, Fidelity has emerged as the newest member to validate and diffuse BTC in its business operations.

Fidelity Investments, the multinational financial services corporation based in Boston, USA, offered services encircling investing, brokerage and retirement plans.

According to Bitcoin developer Justin Moon, Fidelity Investments has been interested in Bitcoin for a long time. He tweeted,

“Fidelity has a room full of Bitcoin Miners [ASICs] at their Texas office.”

This tweet, from a broader perspective, pointed at the interest of big wagons in the market in BTC mining. Apart from this, it also showed that they were actively participating in public blockchains.

This is not the first instance where Fidelity has openly accepted its interest in cryptocurrencies. Ari Paul, founder and chief investment officer of BlockTower Capital, had tweeted earlier this year,

A majority of Fidelity’s clients seems to believe that digital assets are the next big thing in the economy and the debate has been going on for a while. However, Fidelity’s statement rested the speculations of BTC being adopted by big league members. In other adoption news, three days ago, AT&T announced that it would start accepting payments in Bitcoin for its services.

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