Facebook's cryptocurrency could be announced next week with major partners

Jeannie Matthews
June 19, 2019

This, according to reports from The Wall Street Journal (WSJ) on June 13, 2019, and the Financial Times. It's expected to function as a "stablecoin", meaning it will be pegged to a basket of government-issued currencies in order to limit the volatility typically associated with cryptocurrencies like Bitcoin.

The blog post was reportedly not shared with any major cryptocurrency publication under an embargo by Facebook as the social media giant reputedly doesn't want to work with these publications.

Even though this clear connection with fiat might jeopardize the essence of decentralization imperative for a cryptocurrency, the Facebook Coin has already generated a great deal of hype and interest, and garnered a lot of investors' attention.

So far, he's secured fundings from Mastercard, Visa, PayPal, Uber, Stripe, Booking.com and Argentina-based e-commerce site MercadoLibre.

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According to reports in early June, Facebook intends to launch a network with 100 nodes, generating US$1 billion in licensing fees.

Citing the note regarding Facebook's foray into the world of virtual cryptocurrencies, Dan Nathan, a well-known panelist on the latest edition of CNBC's Fast Money, said that the social media giant has two motives - Payments and Commerce. In 2018, Facebook underwent one of the biggest management reshuffles and brought in PayPal's president David Marcus as the lead of an exploratory blockchain group. The digital currency will certainly help encourage more transactions on the social media platform, as well as enable Facebook to reach out to potential customers who do not have traditional bank accounts.

On the public policy front, Facebook has recruited a senior British corporate affairs specialist to front up its dealings with regulatory authorities as it pushes deeper into financial services.

While the Libra Blockchain is set to be announced soon, Facebook is only going to launch the cryptocurrency itself by 2020.

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