Social media giant Facebook will announce their cryptocurrency project later this month, and will reportedly allow their employees to be paid in the new form of cryptocurrency, according to a CNBC report on June 5.
Facebook will announce its cryptocurrency later this month.
The company is planning physical ATM-like machines where users can buy the currency.
Employees working on the project will be able to take their salary in the new currency.https://t.co/C3oWB6ktk0 pic.twitter.com/nXjKjIqDTN
— ICO Drops (@ICODrops) June 6, 2019
Furthermore, CNBC cites a report from The Information which states that Facebook intends to decentralize control of the cryptocurrency by soliciting third-party organizations to act as nodes and validated transactions on Facebook’s blockchain network.
These node operators will purportedly pay $10 million for the opportunity, which leads one to speculate that established financial giants such as banks could potentially host Facebook’s blockchain network.
Also revealed in the report, is that Facebook’s cryptocurrency, dubbed GlobalCoin, will be integrated as a payment tool on Facebook’s sister social media platforms, including WhatsApp, Messenger, and Instagram. As well, The Information reveals that Facebook’s cryptocurrency will be accessible through physical ATM-like machines.
As previously reported by IIB, the launch of Facebook’s cryptocurrency could legitimize cryptocurrencies in the eyes of the law and the mainstream public. It could potentially lead the entire crypto market into another parabolic bull run that reaches new all-time highs.
Moreover, earlier this week the Financial Times reported that Facebook is in talks with the United States Commodity Futures Trading Commission (CFTC) about its upcoming stablecoin. Therefore, Facebook’s GlobalCoin can also potentially push regulators to establish clear cryptocurrency regulations more quickly.
All in all, the cryptocurrency market and industry is poised to receive a lot more exposure later this month when Facebook publicly announces their cryptocurrency project.
Do you think the crypto market will react positively to Facebook’s crypto announcement? Are you buying in anticipation of rising prices? Let us know what you think in the comment section below.