Facebook’s cryptocurrency is gearing up for launch, as reports are emerging that the coin will be tested by the end of 2019, with a full launch set for 2020. Forbes reports that the coin may be named GlobalCoin and that it initially may be launched in 20 countries.
The effort, codenamed Project Libra, was hush-hush for many months before reports started leaking that Facebook was working on a cryptocurrency. The company has hired several individuals, including former PayPal president David Marcus. Some early reports that Facebook was targeting the remittance market in countries like India.
It is true that the social media giant has a billions-strong userbase across Facebook, Instagram and WhatsApp, and deployment of a token would introduce the idea of a digital token to lay people all over the world, who could send and receive tokens to friends and family.