Facebook Set to Reveal Own Cryptocurrency in June, Report Says

Social media giant Facebook will reportedly reveal its own cryptocurrency to the public later this month.

AccessTimeIconJun 6, 2019 at 5:00 a.m. UTC
Updated Sep 13, 2021 at 9:16 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about