Facebook Set to Reveal Own Cryptocurrency in June, Report Says

Benedict Alibasa
Jun 6, 2019 at 05:00 UTC
Updated Jun 7, 2019 at 07:14 UTC
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Social media giant Facebook may be about to drop the secrecy surrounding its in-the-works cryptocurrency.

According to a report from The Information on Wednesday, Facebook is poised to unveil the token – reportedly called GlobalCoin – to the world later in June. 

GlobalCoin is apparently aimed to allow users to make transactions via the social media platform, and might also be offered to Facebook employees who want to be paid in the cryptocurrency. Facebook may further set up physical portals for users to purchase the cryptocurrency, the report said.

In addition, Facebook is reportedly inviting external parties to participate in supporting the network as nodes – though it might charge a fee as high as $10 million for the privilege.

The news comes after recent reports that Facebook has begun conversations with global payments providers, crypto industry players, as well as global regulators regarding the opportunity and regulatory issues for its crypto project.

It was reported last month that Facebook will formally launch GlobalCoin in 2020 and is planning to start trials by the end of this year.

Facebook’s venture into financial services has long been anticipated since it hired former PayPal president David Marcus to oversee its Messenger app in 2014.

Marcus was then appointed as head of Facebook’s blockchain initiatives in May of last year.

Facebook image via Shutterstock

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