The move, which is believed to be in its infancy, comes as Meta increasingly focuses on services centered around the metaverse, a virtual environment in which people interact, work and play.
If implemented, it could also give Meta a new revenue channel and control transactions across its suite of apps and services, which includes Facebook, Instagram, WhatsApp and virtual reality platform Meta Quest.
The Financial Times report, citing people familiar with the matter, says that the Meta cryptocurrency, internally called “Zuck Bucks,” is intended for metaverses and may not be blockchain-based.
Meta can offer tokens within the app which will be centrally controlled by the company, according to the report, and these tokens can be used to pay to favorite Instagram creators or reward people who make meaningful contributions to Facebook groups.
“We don’t have any updates to share today,” a Meta Reuters spokesperson said Wednesday, adding that the company is focused on building for the metaverse “and that includes what payments and financial services might look like.”
Meta CEO Mark Zuckerberg said last month that Instagram would offer “short-term” non-fungible tokens (NFTs).
Earlier this year, Meta joined the Crypto Open Patent Alliance (COPA), a group of companies led by Jack Dorsey’s Block Inc that is committed to promoting open access to cryptocurrency technologies.
