Facebook's cryptocurrency project has over 100 staff, including high-level executives - TokenPost

Andrew Cummings
June 9, 2019

With its cryptocurrency, the social networking giant is planning to include bonuses for merchants that adopt it. Infact, employees in the project would even have the choice to be paid in the cyber currency, Engadget reported on Wednesday. Facebook creates a fund with nominal partners to help manage its currency.

TechCrunch also stated that GlobalCoin won't be the final name despite a report from the BBC, noting that Facebook recently registered a company called Libra Networks in Switzerland. The news on the company's new plan arose after rumors have been circulating that Facebook has made an initiative to speak with payment firms. Still, there is no official confirmation from the social media behemoth. Once it goes live, Facebook's cryptocurrency would try to compete with traditional payment methods like cash and credit card transactions.

Facebook may further set up physical portals for users to purchase the cryptocurrency, as well as charging third parties as much as $10 million for the privilege of supporting the network as nodes, according to The Information. This is a step up on the functions and features of Facebook, in comparison to other social media channels.

The sources also revealed that Facebook plans to let a foundation control Globalcoin. It was reported that Facebook was in talks with payment providers, cryptocurrency exchanges, regulatory bodies, and other important players in the finance and technology space for its listing requirements. This could help the company diversify its revenue stream to beyond advertising, from which it generates almost all its revenue.

Furthermore, Facebook is reportedly not done with its hiring spree as there are still over 40 job vacancies posted for the business units, based on its website listing.

Facebook is getting ready for GlobalCoin's launch.

The research article points out that half of Facebook's users are under the age of 35 and since 2012, the number of people aged 64+ is doubling at a considerable pace. Given that Facebook's user base is over 2 billion, one can easily see a serious potential market out there.

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