Facebook to Announce Cryptocurrency Project This Month

Marco Green
June 12, 2019

Facebook is apparently keen to push its virtual moolah as a currency that bypasses transaction fees when being pushed from nation to nation. The company is often at the mercy of hefty criticism that includes the invasion of privacy, its misuse of data collection and storage, and the abusing of users details. This might reassure users that the digital currency, which most probably will be a stablecoin, will be free of any manipulations. The currency is now believed to be called "Project Libra" - or "Libra" for short - as opposed to "GlobalCoin", "ZuckerBucks", "FaceCoin" or any other variation you may have heard.

It's questionable, though, what the objective of this will be since Facebook's cryptocurrency is going to be a stable coin pegged to the USA dollar. It seems that the latter isn't traded anymore, though it still has a page on Coinmarketcap. The source, who is believed to work for Facebook also revealed that those working on the (not so) secretive project have been given the option to be paid in cryptocurrency, rather that fiat. Currently, the social networking company has set up a base of operations in Switzerland which focuses exclusively on payments and blockchain. One hundred nodes at $10 million a pop-that's an easy $1 billion for Facebook.

Facebook is expected to unveil its long-rumored cryptocurrency later this month, according to a report on Wednesday.

According to experts, launching your own crypto coin can generate Facebook a lot of money.

However, the GlobalCoin is not Facebook's first virtual currency. Thus, speculators should give it up hoping to profit from it.

The Guardian said Facebook's users will be able to change traditional currency into digital coins, which could be used to buy things on the internet, in the shops and other outlets.

Speaking of the CEO, Zuckerberg has, at multiple times, advocated the importance of payments industry for the company's upcoming business plans.

In any case, it remains interesting to see how the cryptocurrency will perform and whether or not it will live up to the hype that's being built around it. This approach will help the company diversify its revenue stream, which now is heavily dependent on ads. Facebook has already offered to pay salaries to its employees in the form of cryptocurrency.

Other reports by Click Lancashire

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