- Facebook could soon be releasing its blockchain network and cryptocurrency
- Some reports show that the digital asset could be announced as soon as June 18
Facebook is currently working on a cryptocurrency and blockchain network that is expected to go live in the near future. According to a recent report released by CNBC, the company could release its virtual currency as soon as this month. The new crypto is expected to be working as a means of payment for individuals and merchants alike.
Facebook’s Crypto Could Be Launch on June 18
As reported by CNBC, there are more than 100 people working on the “Libra Project” that focuses on the GlobalCoin and Facebook’s blockchain network. There are several reports that say that the digital currency is going to be backed by the US dollar and that other national stable currencies could be used.
Apparently, the goal is to offer services through WhatsApp and Messenger to users in countries with volatile currencies or a lack of access to financial services. One of these countries could be India, which has a very large remittances market and a stablecoin could help families save several millions of dollars a year.
Some of the job listings that Facebook released read:
“The blockchain team is a startup within Facebook and we’re exploring lots of areas of interest across all facets of blockchain technology. Our ultimate goal is to help billions of people with access to things they don’t have now – that could be things like healthcare, equitable financial services, or new ways to save or share information.”
Facebook’s interest in blockchain technology started when David Marcus, who worked for three years at PayPal, left the company and joined Facebook. Marcus has also served on the board of Coinbase, one of the largest and most popular cryptocurrency exchanges in the market. Thus, he has vast experience in digital assets and blockchain technology.
There are many other individuals working on Facebook’s blockchain network and virtual currency, including Tomer Barel, VP of risk and operations, Kevin Weil, VP of product, James Everingham, head of engineering, Geoff Teehan, head of product design, Eric Nakagawa, head of open source and many other experts.
According to the company’s Head of Financial Services & Payment Partnerships for Northern Europe, Laura McCracken, the white paper about this blockchain network and cryptocurrency is going to be released on June 18. She said that during a conversation with WirtschaftsWoche’s Sebastian Kirsch.
Moreover, TechCrunch explains that they received a request for a June 18th news embargo from one of the communications managers for Facebook’s blockchain team. Nonetheless, Facebook did not comment on any specific crypto project.
Clearly, the new platform released by Facebook could be very important for the crypto market as a whole. It would allow individuals to be connected to the crypto industry and how it works. Moreover, GlobalCoin could be just the first digital currency users would deal with and it could work as a gateway for individuals to test other digital assets.
There have been several critics to this project because it could clearly be harmful for the space. Facebook has been involved in a large number of controversies with the data that it handles for users. With more financial data gathered by the company, they would be able to know more about the users on Facebook or other applications.
However, for people in India or other countries, having a centralized digital asset that allows them to send and receive transactions in a fast way without having to be worried about the fees, is something very positive.
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