Global Investment Bank Says Facebook’s Crypto Project Will Mark A Major Milestone
- Facebook’s GlobalCoin whitepaper will reportedly be released on June 18th.
- Analysts from RBC Capital Markets believe that the launch of this cryptocurrency will be “one of the most important initiatives” that the platform has taken on.
Might Be “One of the Most Important Initiatives in the History of the Company”
Facebook has been working on GlobalCoin, their upcoming stablecoin, for much longer than they have been publishing information about it. RBC Capital Markets, a global investment bank that is part of the Royal Bank of Canada, was the subject of a recent article by CNBC, saying that Facebook’s “crypto opportunity” will be leaving investors with plenty of new possibilities.
The bank issued a note recently to its investors, explaining the impact that Facebook stands to make with this new crypto asset. Analysts Mark Mahaney and Zachary Schwartzman stated:
“We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams.”
Paying Salaries with GlobalCoin
The crypto offering for the tokens was recently announced, and employees with Facebook will even be able to take their salary with the use of GlobalCoin.
According to multiple reports, the whitepaper on GlobalCoin is due to be released on June 18th, elaborating on the company’s long-term expectations for the cryptocurrency. When it is released, RBC has already expressed their intention to analyze the paper in an effort to
“help investors analyze the underlying crypto economics of the token.”
RBC added that they are under the impression that Facebook will end up using cryptocurrency “to facilitate a platform” that helps with payments, commerce, applications, and gaming.
Ultimately, RBC has a price target of $250 a share with Facebook, and the stock in the social media platform has risen by over 35% this year already. At the end of business on Thursday, the stock reached $177.47 per share.
In reports earlier today, the Financial Times had reported that Facebook already hired Edward Bowles, the head of public affairs for Chartered Bank, as part of their crypto project called Project Libra.
Latest Facebook Cryptocurrency News and GlobalCoin Updates