Facebook set to launch its own cryptocurrency on June 18th
Facebook cryptocurrency plans are gaining more momentum as the days unfolds. They will be called Libra and GlobalCoin, Previous reports have suggested that the brand new block-chain based currency will not be arriving before 2020. But a new investigation has revealed that it will be arriving earlier than expected.
Update from The Information suggests that Facebook will be launching it this month on June 18th. Ex PayPal president David Marcus is leading the team of engineers working on this huge project. Also, the employees working in this project can also choose to take their paychecks in the form of this cryptocurrency.
CEO Mark Zuckerberg is making Libra his top priority and as soon as it is launched. This new Facebook currency will compete with other older payment methods like cash and credit card transactions. Furthermore, the new cryptocurrency will be available on Whatsapp and Messenger. It will allow people to exchange money via those platforms.
The company will be hoping to capture both developed and developing nations with this new technology. People abroad will now be able to conveniently send money home to their families in poorer countries without any red flag from the authorities.
There’s no doubt that this new tech will succeed because Facebook already has over 2.3 billion users at its disposal. More importantly, Facebook can also pay users for watching its ads using this new cryptocurrency. Last year Mark Zuckerberg started learning about cryptocurrency and the company have been showing a lot of interest in e-commerce recently.