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Facebook to Reveal Its Cryptocurrency in June

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Facebook to Reveal Its Cryptocurrency in June

According to a report published in The Information on Wednesday, social media giant, Facebook is planning to reveal to the public its cryptocurrency later in June 2019.

Background

Earlier this year in February, two interesting events occurred. In the first, Facebook acquired Chainspace’s staff as its earliest blockchain related acquisition. Then, a spokesperson said in a statement to Cheddar that like many other companies, ‘Facebook was exploring ways to leverage the power of blockchain technology.’ Ever since Facebook was on a lookout for people with experience in the blockchain technology and cryptocurrencies. At that time, they had more than 40 members working in their blockchain division.

In the second event, rumors about Facebook’s plan for creating an umbrella system for WhatsApp, Facebook Messenger, and Instagram inundated the internet. The reports maintained that Facebook’s cryptocurrency stablecoin would reach to 2.9 billion people and it may ‘succeed where Bitcoin failed.’

There was no stopping them further. According to reports, Tim Draper met Facebook in April to discuss Facebook Coin, and in the latest, Facebook initiated talks with US derivatives regulators, involving its plan to launch a digital currency.

The Present Plans

As reported by The Information on Wednesday, Facebook plans to unveil its digital currency before the public eye by the end of this month. The report further held that Facebook also intends to have physical portals for users for purchasing its cryptocurrencies, reported to be called GlobalCoin. As reported earlier, Facebook was in talks with US regulators over its cryptocurrency.

Apart from this, the report also maintained that Facebook is inviting external parties to participate in the network that will empower cryptocurrency to be a ‘node,’ the fee of which could be as much as $10 million. It is widely held in the blockchain world that Facebook’s move could prove to be the next big leap for cryptocurrencies and that the social media giant could prove to be a real game-changer in the near future.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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