According to recent news, rumors about the digital cryptocurrency that Facebook are increasing. Some names have even started to be heard about it, such as Libra and GlobalCoin.
As previously reported, the new cryptocurrency, which will be based on blockchain, will not be released before 2020. However, according to The Information, the social networking platform is likely to unveil its new cryptocurrency within the year, more specifically on June 18.
Facebook's engineering team working on the new cryptocurrency, led by former PayPal president David Marcus, can already choose whether to receive its payment in the form of blockchain tokens.
The report says that CEO Mark Zuckerberg has made Libra one of his company’s top priorities. Once launched, it will seek to compete with traditional payment methods such as cash transactions and credit cards. It will be available on different platforms, including WhatsApp and Messenger, and will allow people to exchange money for blockchain tokens.
Facebook is also targeting developing countries, such as India, to help people working abroad easily send money back to their families. The company will also create physical ATM-like terminals and offer bonuses to merchants who choose to transact with the new cryptocurrency.
A big advantage in Facebook's case is its gigantic base of 2.3 billion users, to whom the company can promote its idea for the new digital currency.
The first reports of Facebook's digital currency emerged last year, when Mark Zuckerberg began showing interest in the cryptocurrency sector. There were also rumors of a separate cryptocurrency for its subsidiary, WhatsApp.
Despite all its efforts, however, Facebook is finding it difficult to gain the trust of users, after all the events that have occurred over time, and according to The Information, the company is approaching other financial entities in order to create an institution that will lead in the cryptocurrency sector.
