As Meta continues to develop and expand on the concept of the metaverse with its resources and technologies, the company wants to offer a virtual currency to users on its social media platforms. The company, as per reports, plans to introduce virtual coins, tokens, and lending services to its apps like Facebook and Instagram. Let’s dig into the details to find out more about Meta’s finance plans and Zuck Bucks.
A report by the Financial Times, citing sources familiar with the matter, suggests that Meta’s financial wing, Meta Financial Technology, is planning to launch a virtual currency for the metaverse. The virtual currency, internally known as “Zuck Bucks”, will not be a cryptocurrency. Instead, it will be an in-app currency, much like the virtual currencies, we find in online games like Fortnite, Roblox, and Valorant.
Other than these, the report suggests that Meta is also planning to launch more traditional financing services to help small businesses on its platforms. This could include low-interest business loan services for growing entrepreneurs in the digital space as the company had previously discussed its plans with potential lending partners, according to a source familiar with the matter.
