Meta Platforms has announced plans to launch virtual coins and lending services to its applications.
The social media company is looking into having in-app tokens managed in a centralized manner, like those used in gaming applications.
The company is also planning to have social tokens, called Zuck Bucks, and reputation tokens that reward users based on their contribution to the platform. Creator coins will be linked to specific influencers on Instagram.
Meta is looking into traditional finance offerings to enable small businesses to access loans, with sources noting that the company is engaging possible lending partners.
Facebook notes that efforts to have NFTs on its platform are advanced, with plans currently underway on Instagram.
The move follows an attempt by the social media giant to launch into cryptocurrencies through the Diem Stablecoin project, which was later disbanded.
Source: FT