Report: Facebook to Launch Cryptocurrency by End of June
Quoting a report by The Information, CNBC reported on June 5, 2019, that Facebook Inc. is expected to introduce its in-house cryptocurrency toward the end of June 2019.
Facebook has Extensive Plans for its Cryptocurrency
Facebook has managed to generate enormous excitement and mystique around its highly-anticipated digital currency, reportedly dubbed “GlobalCoin“. The social media giant has been making steady moves since late last year and now it seems that its crypto project is on the cusp of going public.
According to the latest development, the blue and white brand will give its employees the option to receive their salary in the form of the new cryptocurrency. Further, the company also has plans to launch physical ATM-like machines that could be used by users to buy the yet-to-be-launched digital currency, sources say.
Facebook’s cryptocurrency will be geared towards the payments sector and if recent reports are to go by, the social media juggernaut will trial its digital token in India towards the end of 2019.
The company’s cryptocurrency will reportedly be tradable on its acquired messaging platform WhatsApp and own app Facebook Messenger. With a user base of more than two billion people, GlobalCoin holds the potential to instantly become the most widely used cryptocurrency, surpassing even bitcoin (BTC).
Crypto Foray to Diversify Facebook’s Revenue Streams
While not a single reason can be pinpointed for Facebook’s sudden interest in foraying into the crypto space, experts believe that the digital currency business would help the multi-billion dollar conglomerate to diversify its revenue-generating businesses.
At present, advertisements account for nearly all of Facebook’s revenue. However, with the string of lawsuits filed against it with regard to data privacy concerns, the Mark Zuckerberg-led company is not looking to store all its eggs in one basket.
Speaking of the CEO, Zuckerberg has, at multiple times, advocated the importance of payments industry for the company’s upcoming business plans. On the contrary, however, the company’s Operating Officer Sheryl Sandberg, and CFO David Wehner haven’t entirely been sold on the prospects of the crypto initiative, The Information notes.
The report adds that Facebook is soliciting third-party organizations to act as “nodes” to provide the support system for its cryptocurrency. For the opportunity to serve as nodes, the firm is charging about $10 million.
The enterprise has also been in constant touch with a number of government authorities and cryptocurrency ventures to put the final pieces of the puzzle into place before their product is out in public. Only time will tell if the final shape of the puzzle clicks with the masses or not.
