Meta to launch ‘Zuck Bucks’ virtual coins

Meta is reportedly planning to launch new digital coins, dubbed ‘Zuck Bucks’, to be used across its apps.

According to a report by the Financial Times, the company will also introduce tokens and lending services on its platforms.

The move, which is part of plans to diversify its offering and add new ways to earn revenue, comes after Facebook saw daily active users grind to a halt in the final months of last year – the first time in the social media platform’s 18-year history.

The newspaper said that, according to its sources, the company’s financial arm has been looking to develop a virtual currency for its metaverse plans.

They said that the digital currency was unlikely to be based on a blockchain and would instead be in-app tokens managed by the business.

The FT reported that company memos and sources have revealed that Meta is exploring the development of “social tokens” or “reputation tokens”. These could be used as part of a reward system.

Creator coins have also been highlighted as a potential use case, which will be connected to influencers on Instagram.

“We have no updates to share today,” said a Meta Spokesperson. “We continuously consider new product innovations for people, businesses, and creators.

“As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.”

    Share Story:

Recent Stories

Meet Evelyn, your Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst
Meet Evelyn, an Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst, who uses native AI/ML capabilities to automate the Customer/PEP screening and Negative News screening alert adjudication processes for leading BFS organizations with greater speed, accuracy, and consistency than human analysts.

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.