Facebook, which has drawn much attention for the fact that it is entering the crypto space, will launch its much anticipated token, GlobalCoin in 2020, with a test version to be released later this year.
With a userbase that is billions strong, Facebook can certainly leverage the power of such a large number of users to great effect. Anthony Pompliano, notable crypto evangelist, has said that Facebook would build the most used product in crypto, but others are skeptical about a company like Facebook entering the space. Much criticism has been made about how Facebook operates.
Reports have also said that Mark Zuckerberg has spoken to the Governor of the Bank of England, Western Union and the US Treasury.
The social media giant had kept the effort a very secretive one. Codenamed Libra, the project was initially rumoured to be focused on the remittance markets of countries like India.