Facebook's GlobalCoin to go live as early as in June


Fresh reports from The Information suggests that the social media giant will before the end of this month announce the cryptocurrency earlier identified as GlobalCoin.

Citing a report in The Information, CNBC outlines that the company also intends to plant physical ATM-like machines where users will be able to buy the new cryptocurrency. The news on the company's new plan arose after rumors have been circulating that Facebook has made an initiative to speak with payment firms.

As reported in April, Facebook may be seeking Dollars 1 billion in external funding for its forthcoming cryptocurrency, which reportedly is a stablecoin. One hundred nodes at $10 million a pop-that's an easy $1 billion for Facebook. Much to the users' rejoice, Facebook could even go along the lines of courageous browser and pay users for watching ads, but in the form of its cryptocoins.

It is assumed that Facebook is using the word "Libra" as its codename for its blockchain project. Facebook is working to built use case of the currency with the feature to transfer of currency across facebook platforms - mainly whatsapp and facebook messenger. "GlobalCoin", as the upcoming digital currency is touted, is meant to enable users to store, trade, and exchange it through Facebook applications including WhatsApp and Messenger. The social media giant is scheduled to release a whitepaper on June 18, 2019, explaining the basics of its cryptocurrency.

More news: Gwyneth Paltrow has no memory of being in Spider-Man: Homecoming
More news: New Zealand vs Bangladesh Head to head
More news: PM Modi First Foreign Leader To Visit Sri Lanka After Easter Bombings

According to CNBC: "Over 100 employees are now working on GlobalCoin and Facebook continues to expand the team". With 100 nodes planned, that's $1B pocketed by Facebook just by setting up the network.

Furthermore, Facebook is reportedly not done with its hiring spree as there are still over 40 job vacancies posted for the business units, based on its website listing.

The company is nearly ready to launch and plans to launch its own cryptocurrency this month. The social media giant has been making steady moves since late past year and now it seems that its crypto project is on the cusp of going public.

Interesting in the section: Cryptocurrency billionaires.