Facebook, giant social media firm considers adoption of cryptocurrency amidst the increasing trend of blockchain social media. The Mark Zuckerberg owned firm had earlier banned cryptocurrency ads on its platform this year. However, there is a recent reversal to the ban as the firm considers mainstream cryptocurrency adoption.
The Trending Blockchain Social Media
The implementation of social media on the blockchain has seen extensive growth recently. Blockchain-based social media such as Steemit, Sapien, Indorse, onG.social, among others are springing up and are attracting users daily because of the advantages of blockchain technology and their token features.
The growth of the blockchain social media and its users forms a threat to the giants in the industry, such as Facebook, Twitter, and others. This has affected the need for the giants equally to adopt the thriving technology. The same condition is applicable also to the tech world, as Google and tech firms that did not utilize the technology early are already planning towards its adoption.
Twitter in its measure has adopted a cryptocurrency tipping scheme just to have a feel of the technology. Last week Ripple also became more prominent for tipping on the platform as the Pope, and a celebrity was tipped using Ripple via the platform.
Facebook Adoption Of Cryptocurrency and The Blockchain Tech
The growth of blockchain-based social media platforms has made Facebook adopting blockchain a necessity for it to strive in the industry.
Earlier in the year, a member of the Coinbase cryptocurrency exchange, David Marcus, stepped down from his position to accept the role of leading the Facebook cryptocurrency team. The development has placed the social media giant in an advantageous position to get the best out of the cryptocurrency industry despite its late adoption.
The massive profit cryptocurrency exchanges make the venture a possible one for Mark Zuckerberg as he expands his empire as he adopted Whatsapp to his empire. Binance over the course of the year is expected to make a profit of $1 billion, which makes the industry attractive.