Facebook Will Announce Its Own Crypto This Month
Facebook will finally make its big entrance into the crypto space with drumrolls this month.
The social media giant will launch its new coin and will release the announcement this month, according to the Daily Hodl.
Facebook’s coin will be announced this month
According to the latest reports, the staffers of the project will be able to be paid in Facebook’s new coin called GlobalCoin.
In mid-2018, Facebook appointed David Marcus who is a former PayPal executive to begin exploring the blockchain tech.
Besides building its very own digital asset, Facebook is also reportedly planning to allow it to be exchanged for fiat using existing apps such as WhatsApp and Facebook Messenger.
WhatsApp has around 1.5 billion active users all over the world and Facebook Messenger has around 1.3 billion just enough to make GlobalCoin the very first mainstream crypto in the world, says the Daily Hodl.
The cite a report coming from The Information. According to more sources who are familiar with the project, Facebook will reveal its new crypto on the core platform, WhatsApp and Instagram in developing countries which have volatile traditional currencies.
Mike Novogratz talks about GlobalCoin
CEO of galaxy Digital Mike Novogratz says the following about the Facebook entrance in the crypto space. He said that this whole event is “wildly important.”
He says that the GlobalCoin has the power to be used for payments and to legitimize the entire space. On the other hand, he doesn’t believe it will compete with BTC.
“Bitcoin is not going to be a payment currency. Bitcoin is going to be a store of value just like gold.”
2019 has been seeing a lot of movements that are taking crypto on the right path to mainstream adoption. Even crypto critics begin having a friendlier approach towards digital assets these days.
Former president of PayPal, Marcus has sat in Coinbase’s Board of Directors since 2017 and was previously fulfilling the role of VP of Messaging Products at Facebook. Marcus now heads up Facebook’s Libra team - which could potentially introduce digital currencies to Facebook's billions of active users.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.