We’re hearing from quite some time about Facebook’s rumored cryptocurrency that is going to be launched in the coming days. We’ve heard that it’s being developed under project Libra, it’ll be integrated with WhatsApp and it’ll be launched in India before anywhere else. Now today some more new details have also emerged about it. According to a Forbes magazine report this long-rumored crypto will be known as ‘GlobalCoin’, and Facebook is planning to launch it as early as next year.
Facebook’s plan is to launch the new coin as a pilot project in India by the end of this year. Then once the pilot is successful there will be a global roll-out to 12 countries, which explains why company wants to call it GlobalCoin. It has also been reported by BBC that Mark Zuckerberg has met Bank of England governor Mark Carney to discuss how Facebook’s cryptocurrency may work and what are the risks and regulatory approvals involved.
Crypto brings rivals together
In another interesting report that came out yesterday it has also been discovered that Facebook is working with Coinbase and Gemini too. The report came from Financial Times, and it said that Facebook has discussed its GlobalCoin project also with both these leading cryptocurrency exchanges in its country. It’s a well-known thing that Gemini is founded and headed by the Winklevoss twins, with whom Zuckerberg was involved in a major lawsuit for several years over the ownership of Facebook’s intellectual property. So we can say that crypto has brought the rivals together.
Other firms involved in discussions with Facebook are Chicago’s top high-frequency trading firms Jump and DRW. The discussions are being held to ensure that the value of Facebook’s cryptocurrency remains pegged to the value of a dollar or other fiat currencies. The company was also heard to be raising money for the project a few months back, and reportedly that pool of money will be used as reserves for the new cryptocurrency. None of these companies involved in the discussions have given any official comments regarding the matter, but we can be sure of the fact that Facebook wants to speed-up its development as much as possible to reduce its dependence on the single source of revenue (i.e. advertising).