Facebook Exec Confirms New GlobalCoin Stablecoin Will Be Linked To A Variety Of Currencies

Facebook Exec Confirms New Stablecoin Will Be Linked To Multiple Currencies

  • Facebook’s new stablecoin, GlobalCoin, will be tied to a group of currencies, instead of being pegged to one fiat currency.
  • Without being pegged to a single currency, GlobalCoin could remain independent of volatility.

The details surrounding the upcoming GlobalCoin from Facebook have been minimal. However, when the head of financial services and payment partnerships for Northern Europe, Laura McCracken, spoke with a German business magazine this week, she said that the stablecoin would not be pegged to a specific fiat currency. Instead, the GlobalCoin will be linked to a group of currencies, which will hopefully prevent the cryptocurrency from dealing with volatility.

GlobalCoin To Launch Later This Month

Along with this announcement, the executive added that Facebook plans to reveal GlobalCoin later in the month. The whitepaper for GlobalCoin should be published by June 18, 2019 for a little more clarity on this token. Her comments were recorded by Wirtschafts Woche magazine at an Amsterdam-based conference.

This confirmation from McCracken comes right after some of the executives that are believed to be working on the project have been listed in reports. Christian Catalini from MIT is presently recorded as the chief economist, while Sunita Parasuraman is included as the manager leading the project.

Considering the lack of public information available about the stablecoin, there certainly are a lot of publications leaking insider knowledge. For instance, The Information states that there may soon be physical portals that allow users to purchase cryptocurrency, though third parties could end up being charged up to $10 million in order to perform as nodes on the network.

Facebook's Crypto To Be Integrated In Oil Transactions?

RBC, a Russian news site, reported that Igor Sechin spoke at the St. Petersburg Economic Forum, saying that Facebook’s crypto asset stands to potentially be integrated in oil transactions “in the near future.” Sechin, the head of the Rosneft oil firm, appeared to be speaking more generally about the way that major tech firms from the US – like Apple, Facebook, and Google – could make a bigger impact within the energy industry.

Still, remaining skeptical, Sechin added that there’s a chance that the public could “get the illusion that technology giants will make the energy market fundamentally more transparent and efficient, becoming a panacea for solving the acute problems of modern times.”

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