Economy

Facebook to Launch Cryptocurrency?

Facebook to Launch Cryptocurrency?

Surprisingly, The Information's report also revealed that the company is planning to release physical machines similar to ATMs where users can buy its cryptocurrency in person. One detail the executive has already confirmed is that, as preempted by The New York Times, the coin will be pegged to a basket of currencies rather than just the USA dollar. Reports state that Facebook will charge anywhere in the region of $10 million to anyone who wants to operate a node on the new crypto network.

As early as last December, it was reported that Facebook was working on developing a cryptocurrency that would let users transfer money on its WhatsApp messaging app. The news on the company's new plan arose after rumors have been circulating that Facebook has made an initiative to speak with payment firms.

According to the current report, Facebook plans to use the soon-to-be-launched cryptocurrency as a unit of payment for workers salary as soon as it goes live.

Other high-level executives in Facebook's roster include Silicon Valley executive Kevin Weil, Instagram engineering head James Everingham, Newsfeed product design director Geoff Teehan, humor website "I Can Has Cheezburger?".

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Facebook's cryptocurrency will also act as an alternative to credit card transactions for facilitating microtransactions or conventional e-commerce business.

The creation of an outside foundation and the selling of 100 nodes to prospective foundation members mean that the GlobalCoin network will be more centralized than that of Bitcoin and most other cryptocurrencies. The social media giant is scheduled to release a whitepaper on June 18, 2019, explaining the basics of its cryptocurrency.

Since the first rumours of the Global Coin (previously, Facebook Coin) project began to surface, the social media giant began securing ties with key stakeholders in the space. However, the social media giant was said to be a long way from releasing its "stablecoin" - a digital currency tied to the USA dollar to minimize volatility. It got a couple of names like Libra and GlobalCoin.

Interesting in the section: Cryptocurrency billionaires.