According to CNBC, Facebook will announce its cryptocurrency later in June. Further, those working on the project will be able to take their salary in its new currency—the Facebook coin.
Let’s check this out; here’s what we know.
Facebook Coin: To Be Announced in Late June
Rumors have surfaced for months now about Facebook’s new digital asset; however, nothing was ever truly confirmed. What is known is this:
- Almost one year ago, Facebook hired former PayPal executive David Marcus to explore blockchain opportunities—blockchain is, of course, the necessary technology to develop a cryptocurrency.
- From there, several outlets reported that the social media giant was secretly building its own digital currency for use on its Facebook Apps—Messenger and WhatsApp.
- Further, rumors suggested that the company was even building its own ATMs where users could buy this cryptocurrency.
Whether or not the company will release official details over its new Facebook coin remains to be seen, but a report from The Information says that it will.
CryptoBank
With more than 2 billion users on the platform, a Facebook coin would turn Facebook into a cryptocurrency “bank.” The buying and selling of things, as well as the exchanging of money between countries, would help the company move beyond advertising revenue, which currently accounts for nearly all of its capital.
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Also, it would get critics off its back for its controversial ad model. The company is often at the mercy of hefty criticism that includes the invasion of privacy, its misuse of data collection and storage, and the abusing of users details.
CEO Mark Zuckerberg has helped the rumors to flourish. Recently in a conference for developers, he highlighted payments as an important area for the company.
However, both operating chief Sheryl Sandberg and CFO David Wehner are “skeptical of the initiative internally,” according to The Information.
Facebook will reportedly look for third-party organizations to act as “nodes” in order to manage the scale of the cryptocurrency. If chosen, the third-party would be charged $10 million for the privilege.
What do you think of the Facebook coin? Is it something you would use?
Featured Image: DepositPhotos © grinvalds
