Meta is preparing to launch virtual tokens and cryptocurrencies for its apps, which can be used to reward creators, lend money, and support other financial services. Facebook’s financial arm, Meta Financial Technologies, has been exploring creating a virtual currency for the company, known internally as Zack, according to several people familiar with the matter.
The project is still in its early stages, and Meta’s current focus remains on the metaverse. The Meta cryptocurrency, internally named Zuck Bucks, also targets the metaverse world and may not be based on the blockchain.
The in-app virtual tokens will be controlled by the company, and users can use the virtual tokens to reward Instagram creators, or to reward those who have made significant contributions to the Facebook platform, the report said.
Last month, Zuckerberg said that Instagram would launch NFTs in the near future. Meta joined the Crypto Open Patent Alliance at the beginning of the year.