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We've designed this with privacy and safety in mind from the beginning," Zuckerberg said during a keynote speech. The dating feature is set to roll out later this year.

Beyond creating new competition for popular dating apps like Tinder, Hinge and Bumble, Facebook's move will pose a test for them because they have largely come to rely on asking their users to login with Facebook credentials.

"Facebook could have copied swiping apps in its attempt to enter the dating space, but instead they copied Hinge," the spokesperson said.

Shares of IAC/Inter Active Corp, the majority owner of Match, also fell 11%.

On Facebook's dating service, people will be able to browse events and groups related to their interests, such as upcoming concerts or groups for runners.

Shortly after Facebook announced stricter rules for its third-party developers, Tinder stopped working for some of its users who were temporarily unable use their Facebook credentials to log into their Tinder accounts.

The issue was resolved but it was unclear exactly which Facebook updates caused the issues for Tinder.

It allowed users to order takeout directly from fast-casual restaurants like Chipotle, Panera and Papa John's, much as companies like Seamless and Grub Hub do.

it allowed users to send money to friends on the platform, as the social payments company Venmo does.

Investors in other online dating platforms appear spooked by Facebook's move into the space.

Shares of Match Group -- the parent company of dating platforms like Tinder, and OKCupid -- plunged as much as 22% on Tuesday afternoon following the news.

This grants the apps access to select Facebook data, which helps to speed up the process of creating dating profiles.

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