Cryptocurrency News

Facebook Set to Reveal Own Cryptocurrency in June, Report Says

Social media giant Facebook is said to reveal its own cryptocurrency later this month.

According to a report from The Information on Wednesday, Facebook is poised to unveil its cryptocurrency to the public later in June, which is aimed to allow users to process transactions via the social media channel, and will be offered to Facebook employees who want to be paid in the form of the cryptocurrency.

The report added Facebook is also planning to have physical portals for users to purchase the cryptocurrency, which, according to previous reports, is called GlobalCoin.

In addition, Facebook is reportedly inviting external parties to participate in the network that will empower the cryptocurrency to act as “nodes” for a fee that could be as much as $10 million each.

The news comes amid recent reports that Facebook has begun conversations with global payments providers, crypto industry players, as well as global regulators regarding the opportunity and regulatory issues for its crypto project.

It was reported last month that Facebook will formally launch GlobalCoin in 2020 and is planning to start trials by the end of this year.

Facebook’s venture into financial services has long been anticipated since it hired former PayPal president David Marcus to oversee its Messenger app in 2014.

Marcus was then appointed as head of Facebook’s blockchain initiatives in May of last year.

Facebook image via Shutterstock

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