Further, the company also has plans to launch physical ATM-like machines that could be used by users to buy the yet-to-be-launched digital currency, sources say.
Reportedly, Facebook is looking for third-party organizations to host nodes for their stablecoin's network. Facebook has yet to provide details about its planned token, but sources have indicated that the company plans to integrate it as a payment option on its Messenger, WhatsApp, and Instagram apps.
Facebook has finally circled a date for its "GlobalCoin" whitepaper launch, eying a June 18 release, TechCrunch reported Thursday. The news about Facebook working on a digital currency took the internet by storm after it hired former PayPal executive David Marcus, who was roped in to explore the blockchain and crypto realms for the company.
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The creation of an outside foundation and the selling of 100 nodes to prospective foundation members mean that the GlobalCoin network will be more centralized than that of Bitcoin and most other cryptocurrencies. Facebook's cryptocurrency will be a stablecoin, which is a digital asset that is created to maintain a stable value, usually by being pegged to other assets. Facebook has also opened a company in Switzerland called Libra Networks that will function within the realm of "financial services", according to Reuters. The social media giant has been making steady moves since late a year ago and now it seems that its crypto project is on the cusp of going public. The reasons reportedly are that the social media giant partly wants to avoid criticism regarding centralization and partly to stay on the right side of financial regulations. The move will allow users to make transactions through the social media channel.
What do you think of Facebook's GlobalCoin?
Later in May, Facebook started hiring for its cryptocurrency-based payments on its platform that has 2.38 billion users.