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After Diem fail, Meta could introduce a centrally controlled in-app token, nicknamed Zuck Bucks

After Diem fail, Meta could introduce a centrally controlled in-app token, nicknamed Zuck Bucks
7 Apr, 2022
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Facebook parent company Meta, is exploring financial products in the form of a virtual currency that its employees use and has been nicknamed Zuck Bucks, according to a Financial Times report.

In February that TechCircle reported that Meta had laid to rest its Diem dreams, but the company was still pursuing blockchain-based payments.

Diem was Facebook’s ambitious cryptocurrency plan, which it started way back in 2017 by a single woman team, the then Facebook executive Morgan Beller.   

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The report said that Zuck Bucks, subtly nicknamed after the owner of Meta, is unlikely to be a cryptocurrency, but would function more like in-app tokens, such as the likes of Robux, which is used in the popular Children’s game title Roblox. Currently, a Roblox user can purchase 80 Roblox coins for $0.99. The game currently has about 230 million registered players and 30 million daily users. 

FT has claimed that it had accessed internal memos at Meta, which indicated that the company will introduce ‘social tokens’ or ‘reputation tokens’ that will be given out as rewards for contributions to Facebook groups. The new financial strategy by Meta also involves small business loans, according to the report. 

Earlier in February, Facebook had announced that its number of users saw a decline for the first time since its inception. This prompted the stock of Facebook in the US to drop by 26.4% in a single day, at a loss of $230 billion, which is a record daily loss for any listed US company. 

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Former Twitter CEO and its founder Jack Dorsey, who famously said that Meta’s Diem was a wasted effort, was seen appreciating the move by the company in a tweet. Responding to a tweet that said that issuing coins that bear the visage of the ruler was insane, Jack responded writing that the move was “insanely great” and with a PS saying “Please let this be real”.