Facebook To Purportedly Announce Its Cryptocurrency Project This Month

by | Jun 6, 2019 | Cryptocurrency, Cryptocurrency News

Facebook | Crytpocurrency | Facebook Coin | Globalcoin

Social media giant Facebook is reportedly planning to announce its secretive cryptocurrency project this month, including allowing employees to take part of their salary in the coin, as reported by CNBC on June 5.

CNBC cited a report by The Information stating that Facebook plans to cede control of its cryptocurrency to outside parties, so as to keep the token completely centralized.

Notably, third-party organizations will purportedly be paying around $10 million dollars for an opportunity to act as a node, that will validate transactions on the network for Facebook’s native token.

Reportedly, the said stablecoin will purportedly be integrated as a payment tool on WhatsApp, Messenger and Instagram. The Information further claims that it will also be accessible through physical ATM-like machines.

Facebook has been very secretive about the project, which has subjected the project with much speculation over the past several months. The Financial Times reported earlier this week, that the United States Commodity Futures Trading Commission (CFTC) is in talks with Facebook about its upcoming stablecoin.

Reportedly, Facebook acquired the “Libra” trademark for the secretive project in May. Sources familiar with the matter further claimed that the firm is recruiting financial firms in order to develop the coin, for which the project codename is Libra. It was disclosed later in the month, that Facebook also registered a new financial tech firm, Libra Networks LLC, with the Geneva Commercial Register in Switzerland.

The rumor mill has also churned out that Facebook is in talks with major United States-based crypto exchanges for the issuance of its very secretive own cryptocurrency, as reported by Financial Times (FT). 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.

Read more: Bloomberg Terminal Lists Blockchain-Based Alternative Investment Firm

Image Source – Pixabay.com

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