Facebook may soon reveal its cryptocurrency, with a recent report saying that this is scheduled for the second part of June. The report was presented by The Information.
According to the initial reports, the new Facebook token is going to be called GlobalCoin, although this is not confirmed.
The aim of GlobalCoin seems to be to allow the users to make social media transactions. It might also be given to the employees of the company that want to be paid with cryptocurrency. It is even possible that physical portals are going to be set up so that those interested will be able to buy the new cryptocurrency.
Besides the launch of GlobalCoin, Facebook now plans to invite some external parties to participate in network support as nodes. However, in order to participate, Facebook might end up charging for the privilege. The suggested amount is $10 million.
The fact that Facebook is going to launch a cryptocurrency has been taunted for a long time. The social media giant was reported to have conversations with crypto industry players, global regulators and global payment providers, together with talks about regulatory issues for the crypto project.
It is expected that GlobalCoin is going to be launched in the year 2020. However, trials should start by the end of 2019.
The venture of Facebook into financial services was anticipated, ever since David Marcus, former PayPal president, was hired to oversee the Facebook Messenger app in the year 2014. Then, Marcus ended up being appointed as Facebook’s head of blockchain initiatives in May 2019.
Although still early in the development phase, Facebook’s interest in crypto tokens and blockchain technology can be a huge moment for enthusiasts. We are talking about a network with billions of users that would instantly be aware of cryptocurrencies. This sort of validation is important for the industry.