Meta Platforms Inc is planning to introduce virtual tokens and cryptocurrencies to its family of apps. The virtual tokens will be used to reward creators, lending and other financial services, the Financial Times reported on Wednesday.

The move, in its early stages, comes as Meta grows its focus on services centered around the metaverse, a virtual environment where people interact, work and play.

If executed, it could also give Meta a new revenue channel and control over transactions in its suite of apps and services, which include Facebook, Instagram, WhatsApp and the Meta Quest virtual reality platform.

Meta's cryptocurrencies, dubbed "Zuck Bucks", are intended for the metaverse and may not be based on blockchain, the FT report said, citing people familiar with the matter.

Mark Zuckerberg, chief executive officer of Meta, said last month that Instagram will introduce non-fungible tokens (NFTs) in the "near-term".

Meta joined the Crypto Open Patent Alliance earlier this year, a group of companies led by Jack Dorsey's Block Inc that has pledged to promote open access to cryptocurrency technologies.
-Reuters