Digital Tokens and DeFi Lending May Come to Meta-owned Apps

The parent company of the social media giant, Meta, is reportedly planning to roll out virtual currency and decentralized finance (DeFi) services in apps it owns. Facebook, WhatsApp, Messenger, and Instagram are among the apps that could be impacted by this rollout.

According to a report released by Financial Times on Wednesday, April 6, the motive behind the move towards digital currency is to explore alternative sources of revenue as interest in Facebook and Instagram drops.

There is no claim in the report that Meta is exploring traditional cryptocurrencies which are linked to a blockchain network, but instead will look into deploying centrally controlled tokens within its apps, somewhat like an in-game currency. It is believed that the company is also considering creating “social tokens” for engagement rewards, and “creator coins” for influencers.

The head of Meta’s finance division, Stephane Kasriel, wrote in a January memo “We’re making changes to our product strategy and road map […] so we can prioritize on building for the metaverse and on what payments and financial services will look like in this digital world”.

Meta’s potential digital currency has already been dubbed “Zuck Bucks” after Meta’s CEO, Mark Zuckerberg, and will be the transactional medium for the metaverse.

The incorporation of virtual currencies into Meta’s apps could potentially happen alongside the company’s exploration into the integration of non-fungible tokens for Instagram and Facebook. The report had also suggested that Meta was planning to launch an NFT pilot program sometime this year – possibly as early as May.