Facebook to Launch its Cryptocurrency Next Year

Facebook have announced a new date for the launch of its own Cryptocurrency. The social giant have been totally against the whole notion of crypto until early this year when they announced they will be launching their own cryptocurrency.

Previous report said Facebook is taking a look at an implementation of Blockchain technology under its “Project Libra” to tackle doubts about privacy issues among its users after many privacy issues that almost affected the functioning of the company. Recall that many has been pointing out that a future replacement to the likes of Facebook will be a Blockchain project where users own their own data and have a share in the revenue and many crypto projects sprung up to tackle this, analyst point out that the sudden entrance of Facebook into Cryptocurrency my be as a result of the fear of missing out of a future trend.

The Facebook coin named “GlobalCoin” would work with a new digital payments in about a dozen countries starting in the first quarter of 2020.

The targeted date appears new. BBC reported that Facebook already spoke to Bank of England governor Mark Carney and to officials at the US Treasury and was expected to roll out the coin this summer.

The currency will be a stable coin pegged to the US dollar according to report by Bloomberg and the Wall Street Journal.

Facebook already removed the ban on Cryptocurrency marketing and Ad on its platform and seem to be moving into mainstream Crypto. Analyst point out a possible switch of its services like Facebook, Instagram and others into Blockchain.

The joy is all around in the Crypto world and many are hoping for a possible price surge with World Business giants moving into the space and enthusiasm growing each day. CoinTick previously reported that AT&T is now supporting Bitcoin payment and Cryptocurrency interest is already on the rise.

Author: CoinTick Editorial

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