Facebook plans to launch its own Cryptocurrency

San Francisco, May 12: The giant Social media network, Facebook is reportedly planning to launch its own cryptocurrency announced here on Saturday.

Facebook is creating a new Blockchain group, fresh media reports have claimed that the social networking giant is also exploring the creation of its own cryptocurrency.

Facebook has over two billion users globally and launching cryptocurrency will allow them to make payments using a virtual currency like Bitcoin.

"I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch," David Marcus, currently the executive-in-charge of Facebook Messenger, said in a post.

In a statement later, Facebook said: "Like many other companies, Facebook is exploring ways to leverage the power of Blockchain technology This new small team will be exploring many different applications. We don't have anything further to share".