Facebook hiring fast to launch its own bitcoin: Report

Facebook is working hard to launch its own bitcoin for cryptocurrency-based payments on its platform that has 2.38 billion users. According to a report in The Wall Street Journal on Friday, the social media giant is "recruiting dozens of financial firms and online merchants" towards this goal. The cryptocurrency-based system would use a digital coin similar to bitcoin.

Facebook, on its part, has said it is exploring ways to leverage the power of Blockchain technology. In a February interview with Harvard Law Professor Jonathan Zittrain, Facebook CEO Mark Zuckerberg said he was "potentially interested" in putting the Facebook login on the Blockchain technology.

"I`m thinking about going back to decentralised or Blockchain authentication. Although I haven`t figured out a way to make this work out but this is around authentication and basically granting access to your information and to different services," Zuckerberg told Zittrain.

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According to him, Blockchain could give users more powers when granting data access to third-party apps. Facebook last year promoted one of its senior engineers Evan Cheng as the Director of Engineering at its recently launched Blockchain division.

It has set up a group within the company to explore Blockchain technology and its potential use for the platform, headed by Messenger chief David Marcus.