GlobalCoin-the name for the social media giant’s own cryptocurrency should roll out in 2020 according to reports that reached our coming altcoin news today.
Facebook stated back on Friday that the company will launch the stablecoin and the crypto-based payments system in multiple countries by the first quarter of 2020. The company is also looking to start trials this year. The platform has also sought advice from the United States Treasury officials and Bank of England governor Mark Carney on the opportunities and regulatory issues that can come up for Zuckerberg’s project named ‘’Project Libra.’’
According to the report, information about GlobalCoin should be revealed in the upcoming months. However, the information we have show us that Facebook has also been discussing with both Gemini and Coinbase, both of which are crypto exchange giants in order to prepare third-party regulated platforms for users of the new stablecoin. The exchanges will also provide secure storage for the asset as the reports say because of the ‘’two people familiar with the matter.’’
Further, Gemini is basically a company founded by Mark Zuckerberg’s old rivals Cameron and Tyler Winklevoss but their exchange is one of the most highly regulated exchanges. This factor appeals to Facebook since regulation will be one of the most important aspects for the GlobalCoin cryptocurrency. The company is also discussing market creation and liquidity with a major Chicago-based frequency trading firms such as Jump and DRW.
The latest cryptocurrency news updates came very soon after the reports that the social media giant has been discussing with payment companies such as Visa, Mastercard, and Western Union in order to fund its fiat-based cryptocurrency.
The project will reportedly help millions of Facebook’s users to transfer money to each other and to make online purchases. Facebook even registered the new entity named ‘’Libra Networks’’ in Geneva on May 2 which will provide technical and financial services to develop related hardware and software.
Only last month, Facebook was seeking to raise about $1 billion in order to fund the crypto stablecoin project- GlobalCoin. There is currently no information whether money has started to pour in but we will wait for updates on this controversial project and keep you posted.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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