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Facebook Reportedly Planning to Launch its Cryptocurrency on 18th of June

Facebook is reportedly planning to launch its stablecoin on 18th of June. This has been revealed by Techcrunch in a recent report.

June 08, 2019 10:29
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A few days ago we had heard that more than 100 people are working in Facebook’s blockchain team. Now it turns out that we’ve also got a release date for company’s much-awaited stablecoin, though from unofficial channels. Some sources have recently told tech news website Techcrunch that Facebook is planning to release the whitepaper of its stablecoin as early as 18th of June. This was completely unexpected, and if it indeed turns out to be true then it’s indeed a big deal for the Indian cryptocurrency market as there have been rumors in past that Facebook will launch the project in India before anywhere else.

Techrunch’s report says that they’ve confirmed the information from multiple internal and external sources. In the past there were reports that the project won’t be unveiled before 2020, but now we’re hearing that it’s coming in 10 days. The date has also been confirmed by Facebook’s Head of Financial Services and Payment Partnerships in Northern Europe, Ms. Laura McCraken. She said a few days back in an interview given to German financial magazine Wirtschaftswoche that Facebook’s cryptocurrency is coming this month, and it will be backed not only by US dollars but by a basket of fiat currencies.

Facebook is second major company from United States to enter cryptocurrency space after Goldman Sachs. Its entry into crypto space has therefore created quite a stir. Hardcore decentralization lovers are not very fond of seeing such major corporations enter in crypto space, but others are welcoming of them as they think that the interest of these giants can help in mainstream adoption of crypto. Now let’s see how this secretive project is taken by everyone in the community after its launch on 18th of June!

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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