Meta Is Going to Introduce Digital Currency Lending Services to Facebook and Instagram

Meta, who owns Facebook, WhatsApp, Instagram and Messenger, intends to introduce virtual currency and use it to provide loans in these and other company applications.

According to The Financial Times, Meta intends to use this digital currency to return the interest of users to Facebook and Instagram, and the new currency can help this as a new source of income for content creators.

As a result, the digital currency, internally called “Zuck Bucks” in honour of CEO Mark Zuckerberg, will be aimed at use in the metaverse.

Most likely, Meta will build “Zuck Bucks” like centrally controlled tokens. They will be used in Meta applications, similar to in-game currency. In addition, the company is considering creating “social tokens” to reward participation, as well as “coins for content creators.”

The introduction of virtual currencies in Meta applications may occur simultaneously with the integration of NFTs on Facebook and Instagram. The report states that Meta planned to launch an NFT pilot program as early as May 2022.

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