By now, you have heard that Facebook is in the process of launching its own cryptocurrency GlobalCoin. New report from the company has revealed that the company is set to announce the new cryptocurrency later this month, June.
Facebook GlobalCoin to Hit the Market this Month
Facebook, the largest social networking site in the world is set to launch its own cryptocurrency dubbed GlobalCoin. According to an article published online by The Information, the company has plans to launch the cryptocurrency this month, June 2019.
The report also goes ahead to state that it will allow employees who have been working on this project, Project Libra, to take their salary in this new crypto, GlobalCoin, for the first time. This is a major step in the positive direction that will cement the company’s power in the industry.
About one year ago, the company hired David Marcus, former PayPal executive to steer the blockchain technology project. Shortly after the news broke about this new hiring, many online news outlets reported that Facebook was creating its own cryptocurrency and we were right. Users will be able to store, trade, and exchange GlobalCoin for fiat currency on major exchange platforms such as Coinbase.
The report by The Information, also reveal that the company is planning to launch physical ATM machines that will enable users to buy the currency. The successful launch of the cryptocurrency will make it easy for more than 2 billion active Facebook users from all across the globe to pay for products and services as well as send and receive money. This project will also help the company to diversify from its main source of revenue, advertising.
In a bid to ensure that the cryptocurrency is properly managed, Facebook will seek the services of several third-party organisations that will act as nodes. The leaked report shows that Facebook is discussing charging $10 million for the privilege.
For starters, cryptocurrency nodes have immense computing power that enable them solve complex mathematical equations that are used to validate transactions. Usually, they are decentralized and spread across thousands of different parties. However, Facebook model is different, the company is creating a foundation with several renowned partners to help them manage GlobalCoin efficiently and eliminate the common risks associated with cryptos.