Facebook

Facebook is an online social media and networking platform and company.[1] Launched in 2004, the company is based in California, USA.[2] As of January 2018, Facebook has more than 2.2 billion monthly active users.[3]

Facebook founder and CEO Mark Zuckerberg referenced cryptocurrency in a Facebook post in January 2018, stating that he'd "go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services."[4]

Cryptocurrency Team

In May 2018, Facebook formed a cryptocurrency team, headed by David Marcus[5] who previously worked with PayPal and Messenger.[6] In August 2017, Marcus announced that he was stepping down from the board of Coinbase to avoid any conflict of interest between the two roles.[7]

Cryptocurrency Adverts

In January 2018, Facebook banned advertising for cryptocurrencies, adding the rule to its advertising policies.[8] The policy stated that "Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices."[8] Facebook included "binary options, initial coin offerings and cryptocurrency" in this list.[9]

However, in June 2018 Facebook relaxed its ban on cryptocurrency adverts, launching a "cryptocurrency products and services onboarding request" form.[10] A Facebook blog post by Rob Leathern, Facebook's Product Management Director, stated that Facebook was "updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers."[11]

While some pre-approved cryptocurrency adverts will be allowed, Facebook will "continue to prohibit ads that promote binary options and initial coin offerings."[11]

Rumoured Partnership with Stellar

In August 2018, rumours surfaced over a potential partnership between Facebook and Stellar, as reported by Business Insider.[12] It went on to state that Facebook and Stellar had discussed potentially forking the main Stellar network.[12] However, Facebook has reportedly denied such talks have taken place.[13]

References

External Links