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2 weeks ago

Facebook’s anticipated reveal of its Native Cryptocurrency in June.

Early last month, sources on social media had hinted Facebook’s plan in developing its own cryptocurrency payments system. According to a report seen by the Wall Street Journal at the time, “Project Libra’ (as it was code-named) was to brandish Facebook's ‘FBcoin’ the center of a new network. Also reported last month was that Facebook will formally launch GlobalCoin in 2020 and is planning to start trials by the end of this year. However, recent news has cleared up most of the former speculation and unconfirmed rumors. Facebook, one of the most renowned Social media giant,  is set to reveal its own cryptocurrency later this month.

 

On Wednesday, a report from The Information stated that Facebook is poised to unveil its cryptocurrency to the public later in June and it aimed to allow users to process transactions via the social media channel. In addition to that, its cryptocurrency will be offered to Facebook employees who want to be paid in that form.

Also from the report was that Facebook additionally has plans to avail physical portals for users to purchase the cryptocurrency, which, according to previous reports is called GlobalCoin. They also revealed Facebook is inviting external parties to participate in the network that will empower the cryptocurrency to act as “nodes” for a fee that could be as much as $10 million each.

The social media pioneer has begun conversations with global payments providers, crypto industry players, as well as global regulators, says other recent reports and this is in regard to the opportunity and regulatory issues for its crypto project.

Since Facebook hired former PayPal President David Marcus to oversee its Messenger app in 2014, their venture into financial services has long been anticipated. It is notable that Facebook’s blockchain unit was launched last May with counts of 50 employees at the time. To that effect, Marcus was appointed as head of Facebook’s blockchain initiatives. This could have a direct influence on their steps towards the financial space through cryptocurrency.

The suspense has indeed been edgy for some. To avoid further speculation, we await an official release and statement on their finally decided date in June that depicts their embrace of decentralization.

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Credits- Benedict Alibasa

 

Anita O.

Lover of tech and blockchain.

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