Facebook Set To Reveal Cryptocurrency In June

Facebook is reportedly set to reveal its own cryptocurrency later this month as per a report from The Information on Wednesday.

As per the report, the social media giant is ready to unveil its cryptocurrency to the general public later in June. The cryptocurrency, which will allow users to process transactions via the social network will also be offered to Facebook staff who are interested in being paid in the form of a digital asset.

Furthermore, the report also added that Facebook has plans to have several physical portals which would allow users to buy the cryptocurrency which, as reported has been dubbed GlobalCoin.

In addition to this, Facebook is also reportedly inviting external entities to participate in the network which will enable the crypto to act as “nodes” for fees which could reach as much as $10 million each.

This news comes hot on the heels at a time during which the social media company has been in talks with global payments providers, crypto industry leaders and global regulators regarding regulatory issues and opportunities for its forthcoming crypto initiative.

I was reported in May, that Facebook will officially launch GlobalCoin in 2020 with plans to begin testing by the end of 2019.

Facebook’s foray into financial services and crypto has been anticipated since 2014 when it hired David Marcus, the former president of Paypal.

Marcus was eventually appointed as the head of Facebook’s blockchain projects back in May 2019.