FT Report: Facebook Talks With Cryptocurrency Exchanges For Its Globalcoin Launch

Social media giant Facebook is reportedly in talks with major United States-based crypto exchanges for the issuance of its very secretive own cryptocurrency, as reported by Financial Times (FT) on May 24.

The publishing cited two people familiar with Facebook’s “Globalcoin” project stating that the firm has discussed the initiative Coinbase, a major crypto exchange, and wallet.  Further, the article notes that Facebook also spoke with the Winklevoss twins’ Gemini Exchange, notable rivals of  Facebook CEO Mark Zuckerberg.

As per the sources, the social media giant is currently negotiating with major crypto-related firms including  Chicago’s leading high-frequency trading firms Jump and DRW, to ensure that its  secret stablecoin is pegged to the value of the United States dollar and is liquid, tradeable and secure.

FT’s request for comments has been declined by all aforementioned parties, reporting that the firms have signed a non-disclosure agreement.

BBC recently reported that Facebook’s upcoming cryptocurrency will purportedly focus on payments. As per sources, the Globalcoin will be “bigger and more open” than just a payment method for purchases on Facebook. Earlier reports have indicated that Facebook allegedly plans to integrate its three fully-owned applications i.e. WhatsApp, Messenger, and Instagram so as to achieve massive exposure.

FT further states that industry experts believe that Facebook may face an obstacle with regulations. In May, Facebook registered a new financial tech firm, Libra Networks LLC, in Geneva, which notably plans to offer services in finance and emerging technologies including payments, financing, identity management, data analysis, big data, blockchain and others.

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