Public interest in cryptocurrency could spark a rebound, as social media giant Facebook plans to announce its own digital game later this month, according to a new report from The Information. Last year, the company appointed former PayPal executive David Marcus to begin exploring potential opportunities with blockchain, leading to speculation about developing its own cryptocurrency to use on its platform. Since then, anticipation has grown and multiple outlets have reported that Facebook is building its own digital currency called GlobalCoin, which consumers could store, trade, and exchange for ordinary currency via WhatsApp and Facebook Messenger. Surprisingly, The Information report also revealed that the company was planning to launch physical ATM-like machines, where users could buy their cryptocurrency in person.
GlobalCoin
Facebook has regularly faced pressure from privacy advocates and lawmakers over its advertising activities, so launching its own cryptocurrency could make sense as a way to diversify its revenue streams. A digital currency would also be an easy way for Facebook's 2.000 billion users to pay for items on its marketplace and exchange money between countries at a much lower price or even be able to. be free At this year's F8 developer conference, CEO Mark Zuckerberg also highlighted the importance of surface payments to the company. According to the report, Facebook has even started requesting third-party organizations to act as nodes to manage its cryptocurrency. However, this privilege comes at a high price and the company has planned to charge €10 million to each node organization. Cryptocurrency nodes are used to solve the complex mathematical equations required to validate transactions. Although they are generally decentralized, Facebook plans to create a base with named partners to help manage its new offering of digital pieces. via CNBC