Facebook crypto currency to be introduced in June

ByAdeline Belluz 2019-06-06 527

On the one hand block advertising for blockchain and crypto projects in your own network, on the other hand work on your own crypto asset in the background. Yes, that's the world of Facebook.

According to new inside information from The Information, a presentation on a crypto currency intended for transactions in Facebook's in-house apps WhatsApp, Messenger and Instagram is scheduled for this month. A white paper is scheduled to be released on June 18.

Blockchain network under construction

In order to participate as a node in the Blockchain network, in which the transactions on the Blockchain are verified, Facebook requires ten million dollars per operator. The aim is to create a halfway decentralized system that cannot be accused of being controlled solely by Facebook.

There have also been talks with the former co-founders of Facebook, the Winklevoss twins, with whom Mark Zuckerberg had a legal dispute. Cameron and Tyler Winklevoss founded the Exchange Gemini. Talks with financial institutions and authorities are also said to have already taken place.

Stabelcoin for payment

Facebook hopes to be able to set up a billion dollars with around 100 nodes. This money will be used to bake the planned stable coin. Unlike Bitcoin or Ethereum, the "Facecoin" should not be volatile and invite people to trade, but rather act as a kind of digital cash that can also be used to pay in shops. "Sending money should be as easy as sending a photo," Zuckerberg said at the in-house developer conference F8 a few weeks ago.

"The value of the Facebook coin is to be kept stable by a basket of Fiat currencies," said Laura McCracken, Head of Financial Services & Payment Partnerships Northern Europe at Facebook, in an interview with WirtschaftsWoche. The crypto asset will therefore not only be pegged to the dollar.

Subsidiary in Switzerland

According to The Information, there are also plans to set up physical Crypto ATMs where users can exchange Fiat money for Stablecoin. It is reported that the offer is aimed primarily at people in emerging markets. As a digital, cross-border currency, there will be no transaction fees.

There are different names for the project - fb Coin, GlobalCoin or Libra are in circulation. The latter name goes back to Libra Networks GmbH - a Facebook subsidiary established in Geneva, Switzerland. According to an entry in the Geneva Commercial Register, the company is responsible for Big Data, Blockchain and financial services technologies. Switzerland and especially the small town of Zug are known for the fact that many blockchain projects - such as the Ethereum Foundation - are located there.

Facebook recently relaxed its ban on advertising crypto currencies in its own network. So everything points to it: The "Facecoin" will come soon.

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