Facebook May Introduce Its Cryptocurrency in June

Facebook's crypto 'Global Coin' might have just found its most unusual adopter. | Source Shutterstock

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.

Apex Legends Season 2 Includes Ranked Mode, New Weapon, New Legend Wattson
Wattson's passive ability allows her to get an ultimate charge to 100 percent using Ultimate Accelerants and repeatedly spam them. The character's lore is that she and her father actually have a deep history with the arena and its formation.

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.

Related News:

  • Columbine High School should be razed because of 'morbid fascination,' official says

    Columbine High School should be razed because of 'morbid fascination,' official says

    In the meantime, the district would redirect the $15 million in bond money earmarked previous year for Columbine renovations. Therefore, in the case it is hard for her to say goodbye to a place that is for the entire community of meaning.
    Kiwis ready to counter Afghan spin, says Taylor

    Kiwis ready to counter Afghan spin, says Taylor

    Mushfiqur Rahim rebuilt the innings with Shakib, putting on exactly 50 for the third wicket before he was run out for 19. Earlier, the Kiwis bowled Bangladesh out for 244, before chasing the target successfully in 47.1 overs.
    UK's May quits as party leader, starting succession race

    UK's May quits as party leader, starting succession race

    The final two candidates will meet in a runoff that will be decided by mail by the country's 160,000 Conservative Party members. May, 62, has seen her three years atop party and country defined, and ultimately destroyed, by Brexit.
  • UAE: 'Sophisticated' tanker attacks likely work of state actor

    UAE: 'Sophisticated' tanker attacks likely work of state actor

    United Nations representatives of Saudi Arabia, the UAE and Norway presented the report to the Security Council Thursday. Tensions increased last month when Washington ended exemptions from sanctions for countries still buying oil from Iran .
    DFS Picks for the 2019 RBC Canadian Open

    DFS Picks for the 2019 RBC Canadian Open

    Even before anyone else considered Koepka for the No. 1 spot, he had his eyes on it. "I'm not too concerned with it", he said. Two former champions of the course are in this week's field, with those being Scott Piercy (2012) and Jim Furyk (2006).
    Meghan Markle flashes blingy 'push present' in first post-birth appearance

    Meghan Markle flashes blingy 'push present' in first post-birth appearance

    In another horse-drawn carriage was Princess Eugenie and husband Jack Brooksbank, Princess Beatrice and the Duke of Kent. As Meghan's Mirror points out, the Duchess of Sussex was wearing not two, but three rings on her finger.
  • Google to Acquire Looker, for $2.6 Billion

    Google to Acquire Looker, for $2.6 Billion

    Then, there is the issue of whether Google will limit which clouds Looker can be run on. Microsoft, meanwhile, has its own Power BI business analytics tool.
    New OnePlus 7 Pro Update Brings A Plethora Of Camera & Display Fixes

    New OnePlus 7 Pro Update Brings A Plethora Of Camera & Display Fixes

    The device has a 6.67 inch Fluid AMOLED display with a resolution of 3120 x 1440 px which gives it a pixel density of 516 ppi. White balance consistency improvements are also included in the update, and that applies for all three rear-facing cameras .
    Sir Winston earns unexpected win at Belmont

    Sir Winston earns unexpected win at Belmont

    Sports Group serves sports fans 24/7 with premier live events, insightful studio shows , and compelling original programming. The colt came into the Belmont Stakes off a second-place finish in the Grade 3 Peter Pan Stakes on May 11 at Belmont Park.
  • Lynas touts its independence from China in push for rare earths growth

    Lynas touts its independence from China in push for rare earths growth

    It also called for closer cooperation with U.S. allies, which dovetails with DLA's outreach to miners in Africa and elsewhere. Will China use this material as a leveraging chip in the on-going USA trade war dispute, is a matter of speculation.
    Mnuchin threatens China with tariffs if they bail on trade deal

    Mnuchin threatens China with tariffs if they bail on trade deal

    Speaking on the sidelines of a meeting between G20 Finance Ministers and central bankers in the Japanese city of Fukuoka , Mr. Aso went on say "market confidence could be eroded" if China and the USA did not resolve their ongoing trade war.
    World Cup Head To Head Match Stats

    World Cup Head To Head Match Stats

    But the left-handed batsman will be up against an Indian paceman who tops the ODI bowling rankings, with 87 wickets in 50 matches. The 25-year-old lived up to all expectations when he made his World Cup debut against South Africa in Southampton on Wednesday.


Most liked

Ford confirm closure of United Kingdom plant
My thoughts are with the families involved, and I intend to extend my full support to those in need throughout the coming months. Welsh Liberal Democrat Leader Jane Dodds said: "This is devastating news for workers, their families and the wider community".

Victory for Tory leader favourite Boris Johnson in misconduct case
Ball said he never meant to use the case to either halt Brexit or undermine Johnson's political career. Johnson's "Leave" campaign bus that Britain would be £350 million a week better off outside the EU.

European Central Bank to keep interest rates at 0% until mid
Another day, another downbeat assessment of the global economy that has been provided from a leading central bank. That said, Mario Draghi and his men certainly came out with a far more dovish outlook than many had anticipated.

Russian Investigative Reporter Formally Charged With Drug Offenses, Amid Protests
Moscow police admitted that they posted photographs of drugs paraphernalia wrongly captioned as showing Golunov's flat. Dmitry Dzhulai , Golunov's lawyer, said that he believed police had planted the drugs on his client to frame him.

Uber Copter New York City
The helicopters will be operated by HeliFlite , a Newark, New Jersey-based company with a fleet of twin-engine helicopters. The Blade ToteTaxi will deliver two oversized pieces of luggage to the airport for $85, plus $40 for each additional bag.

Reserve Bank cuts interest rates to historic low of 1.25pc
The banks are continuing to look for ways to recover lost profit margins, which were eroded by previously high funding costs. The treasurer has also reminded the banks of the recent findings of the banking royal commission to underline his argument.

ICC refuses to allow to Dhoni to wear army insignia on gloves
The ICC had on June 7 turned down the BCCI's request to allow Dhoni to continue wearing the insignia on his wicket-keeping gloves .

Trump says USA reaches agreement with Mexico to avert tariffs
The policy will mean that anyone caught entering the U.S. illegally will be obtained by border agents and returned to Mexico. Mexico pledged in a joint statement to take "unprecedented steps to increase enforcement to curb irregular migration ".

Iran says new USA sanctions make talks offer 'hollow'
He added: "The most severe organised sanctions in history are now being imposed on Iran". "It's a good way of keeping the political pressure on the front page", the former official said.

England aim to bounce back against Bangladesh
The match between England and Bangladesh is to be played in Cardiff's Sofia Gardens. Bangladesh in response got off to a terrible start as they lost Sarkar early on 8.

Canadian Open: Rory McIlroy starts well as Keegan Bradley leads
In the final event before next week's US Open, McIlroy, 30, dropped two shots but found five birdies in his round. American star Dustin Johnson, meanwhile, had some struggles during his first-round 71.

Pakistan vs Sri Lanka abandoned after heavy rain in Bristol
It is the second time in World Cups held in England , dating back to 1975, that a match has been called off without a ball bowled. However, the supporters at Bristol County Ground were left disappointed, with the game between Pakistan and Sri Lanka called off.

Google Details Stadia: Pricing, Release Date and Founder's Edition Pre-Order
None the less, it also means that at least for 2019, Stadia has a very literal buy-in requirement to use the streaming service. Google said the service will initially be launched in 14 countries with more regions to come under its fold at a later stage.

Single ticket wins a $530 million jackpot
The Mega Millions lottery has players in 44 states , the District of Columbia and the US Virgin Islands. No one hit the $475 million jackpot, though five second-prize tickets were sold across the country.

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.