Facebook ready to launch its first cryptocurrency

Andrew Cummings
June 12, 2019

However, TechCrunch now has a report regarding Facebook's upcoming Cryptocurrency.

What's interesting is that Facebook will pay those employees working on Libra directly in cryptocurrency rather than actual money, if they so desire.

The Information stated that Facebook is not only planning to launch the "stablecoins", but also to offer bonuses for those who adopt the cryptocurrency, to build ATM-like kiosks where users could purchase Facebook digital money with real money and to provide those involved in the project with the option to be paid in the digital currency.

Stability: The currency is also meant to be a token created to have a stable price (stable coin) in order to avoid disparities and fluctuations like we have seen with other cryptocurrencies mostly when they are starting up.

Talking to the German reporter at Money20/20 Europe, McCracken revealed the whitepaper of Facebook's much-discussed cryptocurrency will be published on June 18.

The fluctuations have a tendency of bringing up dire complications and making the public have little trust in the currency's future.

Facebook cryptocurrency will become a powerful force in developing countries where Facebook intends to sell the product. Concerns of this nature will be addressed by a foundation that is being set up by Facebook that it ought to govern the digital currency.

Administration: The company is working on establishing a foundation independent from the general enterprise to superintend the cryptocurrency.

Facebook's GlobalCoin could be launched as soon as this month according to several reports. The node operators could also benefit financially.

Facebook at the weekend officially confirmed that the planned stablecoin will not be tied to any single fiat currency, but will instead be linked to a basket of currencies in order to prevent volatility.

Facebook has reported onboarded around 100 people for its cryptocurrency project, with David Marcus, head of Messenger, former president of Paypal, and board member of Coinbase, heading the network's blockchain project.

Other reports by iNewsToday