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Facebook’s GlobalCoin Could be Launching as Soon as Next Year

There’s been a lot of information circulating that Facebook is moving into the crypto market. And while some of this information is outright false, other bits are true — at least, that’s what the sources say. Take today, for example. On Friday, BBC said Facebook (NASDAQ:FB) is going to roll out GlobalCoin next year in several countries.

Here’s everything we know.

Facebook’s GlobalCoin Hitting the Market Soon?

According to BBC, a London, UK-based broadcasting company, Facebook is planning to roll out its cryptocurrency “GlobalCoin” in 2020. The online media giant, according to the BBC report, will launch the crypto-based payments system in roughly 12 countries by Q1 2020. And while that might seem far away, BBC also said Facebook plans to commence trials by the end of 2019. That and Mark Zuckerberg’s company has also already gone to the U.S. Treasury for advice.

More details about GlobalCoin are expected to be announced in the coming months. And while the world does need these additional details — the influence Facebook has on the world is huge, so the possibility of the company moving into crypto is extremely significant — Facebook seems to already be benefiting from the BBC report. Well, maybe not benefitting, but at least FB stock didn’t plunge after the report on GlobalCoin came out.

According to Yahoo Finance, as of 3:44 PM EDT, FB stock is trading at $181.19; this puts FB stock up 0.18%.

Takeaway

As mentioned, Facebook launching its own cryptocurrency is massive. Companies like Facebook and Amazon are constantly moving into different sectors of the market successfully, and the launch of GlobalCoin in a dozen countries would be yet another example of this. 

What do you think, though? Should Facebook launch GlobalCoin? If so, which countries should gain access to the cryptocurrency?

Let us know what you think in the comments below, and don’t forget to follow along with this story in the coming months! 

Featured image: DepositPhotos 

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Facebook Cryptocurrency | Is the Tech Giant Developing a Stablecoin?

Facebook (NASDAQ:FB) is reportedly developing a cryptocurrency that will let users send money via its WhatsApp messaging app. The new cryptocurrency would launch first in India—a country with over 200 million Whatsapp users and the world’s leader in sending money home.

Facebook Cryptocurrency

According to Bloomberg, the company is creating a stablecoin, a digital currency that is pegged to a fiat currency—often the US dollar. These types of cryptocurrencies are supposed to be less volatile than regular cryptos.

Though not nearly at a launch stage, sources say that Facebook is currently working on the strategy “including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin.”

First Blockchain, Now Crypto?

The company has been very hush-hush about its blockchain initiatives. However, what is known is that Facebook has already hired 40 members for its blockchain team. A spokesperson gave little away but confirmed the company’s plans to move in this direction:

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology […] This new small team is exploring many different applications. We don’t have anything further to share.”

The company also hinted at movements into the financial sector when it hired David Marcus to lead its Messenger app team in 2014. Marcus was the former president of PayPal. He then moved to lead the blockchain initiatives team in May of this year.

>> Bitcoin Cash (BCH) vs. Bitcoin SV (BSV): The Race Continues

Stablecoins

There has been a surge in popularity for stablecoins this year. The most high-profile stablecoin is also the pioneering one—Tether. Surrounded by controversy, Tether’s refusal to be audited has led to questions over each token being backed by one US dollar, as purported by its creators.

However, Facebook has 2.5 billion global users and more than $40 billion in annual revenue. It may just have everything it takes to develop a stablecoin that works. If it is successful in this venture it would be the first large technology company to launch such a project.

Featured Image: Depositphotos/© Mactrunk

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