Facebook All Set to Launch Foundation to Manage its Cryptocurrency Operations

  • If successful, FB will be able to introduce its 2 billion strong customer base to the world of crypto via its upcoming stablecoin offering.
  • Owing to the fact that GlobalCoin will be pegged to traditional fiat assets, many experts are skeptical as to how decentralized the project really will be.

As per a news story released by CNBC earlier today, Facebook has already completed a major chunk of its work in relation to its upcoming cryptocurrency project (which is expected to be released sometime this year.) In regards to the matter, it is being widely reported that the San Francisco-based social media firm is looking to unveil its new stablecoin offering —  ‘GlobalCoin’ — to the masses by the end of this month.

In addition to all this, a number of inside sources have also claimed that Facebook is looking to “attach a hefty $10 million fee to partners of a new Foundation” who will apparently be running nodes for this firm’s above mentioned stablecoin project.

  • The GlobalCoin project is nearing completion with FB even providing its employees with the option to receive their monthly payments via the digital token.
  • As part of his company’s cryptocurrency development plans, Mark Zuckerberg will be working with a number of seasoned blockchain professionals such as David Marcus, Tim Draper and the Winklevoss twins to help him with his vision.
  • Zuckerberg is also looking towards the partners of his new crypto foundation “to validate transactions on the blockchain”.
  • As per a report released by a trusted media outlet recently, FB’s executive brass is currently talking to “thousands of potential Foundation partners” who will allegedly serve as nodes within the social media behemoth’s native crypto ecosystem.

Notably, FB’s GlobalCoin project is somewhat similar to JPMorgan’s JPM Coin in its overall design. Not only that, since its value is pegged to traditional fiat assets, the stablecoin could potentially exhibit low levels of volatility (especially when compared to assets like BTC, ETH etc).

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today