The story of Facebook's first digital currency

With the news that Facebook is getting closer to launching its “GlobalCoin” cryptocurrency, I wanted to take a quick historical dive into Facebook’s previous major foray into digital currencies: Credits.

In January 2011, Facebook officially launched Credits as a way to simplify payments on its platform. Credits enabled users to purchase items on applications built on Facebook. At that time $1 was equivalent to 10 Credits, with Credits purchasable in 15 different currencies.