Meta looking to focus more on blockchain

Karthik Subramanian

Meta, the parent company of Facebook, is likely to focus more on blockchain and crypto in the coming years as the company makes a massive shift in its outlook.

Facebook

This has been suspected since the company chose to change its name from Facebook to Meta a couple of months back but this has been spelled out only one by its future CTO Andrew Bosworth in a note sent to its employees.

Long Overdue Entry

The company has long been trying to enter into the crypto and blockchain market in a big way, but its progress has been slow due to the various regulatory challenges it faces worldwide. Some critics feel that it has simply grown too big for the regulators to view it kindly any longer as the company looks to pivot its business more into the world of fintech and blockchain. The regulators are worried that the company might be stepping on their toes as it looks to wean away from the users from the real world to the metaverse by its rebranding and by delving more into virtual reality and crypto.

Bosworth signaled that the company would be interested to work with other Web3 companies but also sounded a note of caution as it has to ensure that it continues to operate within the regulatory framework in the coming months as it looks to pull off one of its most audacious moves in recent years.

Slow Progress

It is expected that the company would be looking to launch its stablecoin or take over an existing one in the coming months as it looks to create a parallel financial ecosystem within the upcoming metaverse which is likely to challenge the existing set of regulations and laws. This may not be viewed kindly by the regulators and it remains to be seen how it would be able to pull this off especially considering the challenges that it’s Novi wallet faced and its failure to launch its Diem stablecoin as yet.

These questions are likely to be answered in the coming months as it delves deeper into the blockchain and crypto space while at the same time, continuing to work with the US regulators and authorities who would be watching its developments keenly.

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