Meta plans virtual currency, creator coins for its apps

Meta Platforms Inc is planning on introducing virtual tokens and cryptocurrencies to its family of apps. The aim is to use such virtual tokens for rewarding creators as well as lending and other financial services.

The plans are reported to still be in its early stages and come as Meta grows its focus on services centered around the metaverse. The metaverse is a virtual environment where people interact, work and play.

If Meta implements its own tokens and cryptocurrencies, it could give them a new revenue channel and control over transactions in its suite of apps and services, including Facebook, Instagram, WhatsApp and the Meta Quest virtual reality platform.

Meta could introduce in-app tokens that would be controlled by the company, a Financial Times report said, and such tokens could be used to pay creators on Instagram or reward people who make contributions to Facebook groups.

Earlier this year, Meta joined the Crypto Open Paten Alliance (COPA), a group of companies led by Jack Dorsey's Block Inc that has pledged to promote open access to cryptocurrency technologies.