Report: Facebook considering its own bitcoin for payments

The Wall Street Journal reports that Facebook plans its own cryptocurrency-based payment system

It could reportedly undermine credit cards by sidestepping the processing fees that generate much of their revenue.

The Journal report cited unidentified people familiar with the matter. It said Facebook is recruiting dozens of financial firms and online merchants to launch the network. Facebook's plans may include ways to financially reward users who interact with ads or other features.

Facebook says only that it is exploring many different applications for cryptocurrency technology.