Facebook May Introduce Its Cryptocurrency in June

Facebook May Introduce Its Cryptocurrency in June

Social media giant Facebook will reportedly announce its cryptocurrency project this month, allowing employees to take part of their salary in the coin, CNBC reports on June 5.

Talking to German MagazineWirtschaftsWoche's Sebastian Kirsch, Facebook's Head of Financial Services & Payment Partnerships for Northern Europe, Laura McCracken gave the June 18th date for the launch of the whitepaper saying the Globalcoin would be pegged to several currencies as opposed to a single one like the United States dollar to protect it from price fluctuations.

Work on the Libra project has been highly secretive as workers are kept in a separate building, which requires keycard access, from other Facebook employees. That being said, it is safe to assume that, if nothing else, some of the major exchanges will support it. Facebook has also revealed that it plans to rollout ATM like machines for the purchase, and presumably sale, of this coin. He also stated that the stablecoin would be backed by multiple fiat currencies, rather than only pegging it to the US Dollar. Just last month, reports surfaced that Facebook is planning to raise approximately $1 billion, to fund its crypto project.

At this time, it's unclear exactly how Facebook's new cryptocurrency network will function so it's hard to say whether or not the incentive of running a node will be worth it.

Whichever direction GlobalCoin goes, it will be far from decentralised, at least when compared to Bitcoin, which is reportedly run by about 9,000 nodes.

Sophie Turner Blames Kit Harrington For Game Of Thrones’ Coffee Cup Error
On a talk show with Jimmy Fallon , Sophie Turner had claimed that the cup was indeed Emilia's as it was placed in front of her. She said that unfortunately it became a focal point of all discussions around the grand finale of the years-long saga.

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. As per a research report by Diar, a cryptocurrency analytics firm, the new cryptocurrency from Facebook won't be successful due to traction based on the demographics of the platform's user base.

Payment through chat apps like WeChat has become ubiquitous in China, but Facebook and its messaging rivals have yet to fill the same role elsewhere. As per a recent report, Facebook is anticipated to come up with its native cryptocurrency, earlier known as GlobalCoin.

Interesting in the section: Cryptocurrency billionaires. Over 2.3 billion people use Facebook on a regular basis and that number is steadily growing.

Let's check this out; here's what we know.

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