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).

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