Facebook is reportedly going to announce its own crypto project (GlobalCoin) later in June, permitting employees to take some part of their salary in the coin, according to reports from the 5th of June.
To unveil its own crypto in June 2019
According to one report from Wednesday, Facebook is poised to unveil its crypto to the public later in this month, which has the purpose to permit users to process transactions via the social media platform, and is also going to be offered to the employees of Facebook who would like to be paid in the form of the crypto.
According to the same report, Facebook also has some plans to cede control of the crypto to outside parties to make sure that the digital asset is not going to be entirely centralized. It is going to have physical portals for users to buy the crypto, which according to some reports from previously, is called GlobalCoin.
Additionally, to this, Facebook also invites external parties to take part in the network which is going to empower the crypto to act as “nodes” for a fee which could be as much as $10 million each.
The new stablecoin accessible through physical ATM-like machines
Third-party organizations are going to pay the prize as big as 10 million dollars for the chance to act as a node – to validate transactions – on the network for the native token of Facebook.
The rumored stablecoin, which is going to be integrated as a payment tool on WhatsApp, Instagram, as well as Messenger, is also going to be accessible through physical ATM-like machines, according to the same report.
The news actually comes amid recent reports that Facebook has started conversations with some global payments providers, global regulators, and crypto industry players regarding the regulatory problems and opportunities for its crypto project.
The own crypto of Facebook was the subject of much speculation over the last couple of months, as the company revealed only a little information about it. Earlier in this week, it was reported that the CFTC or Commodity Futures Trading Commission of the United States is in talks with Facebook about the stablecoin which is about to be launched.
Facebook acquired Libra trademark in May 2019
Last month, it was reported that Facebook is formally going to launch GlobalCoin in the following year and that it has some plans to start trials by this year’s end. In the same month, Facebook acquired the “Libra” trademark for the secretive project.
Sources which are familiar with this matter claimed that Facebook has been recruiting financial institutions and firms to develop the coin and that the project codename is Libra.
The venture of Facebook into financial services was long anticipated since it hired the former PayPal president named David Marcus to oversee its Messenger application during 2014.
Marcus has been then appointed as head of the blockchain initiatives of Facebook in May 2018.