Facebook To Announce Their Crypto Project This Month: Reports

Facebook To Announce Their Crypto Project This Month: Reports

June 7, 2019 Editor's Desk

According to reports, Social media giant Facebook is expected to announce its cryptocurrency project this month, allowing employees to take part of their salary in the coin.

According to a report by The Information, CNBC states that the social media giant moreover plans to cede control of the cryptocurrency to outside parties in order to ensure that the digital asset will not be completely centralized.

Reportedly, third-party companies will be paying a big sum, as big as $10 million dollars for the opportunity to act as a node — to validate transactions — on the network for Facebook’s stablecoin token.

The rumoured native token will have the ability to integrate as a payment tool on WhatsApp, Messenger and Instagram and will also be accessible through physical ATM-like machines, says the report.

Facebook’s own stablecoin has been the subject of much speculation over the past several months, as the company has revealed little about the project. A week ago, the Financial Times reported that the United States Commodity Futures Trading Commission (CFTC) held talks with Facebook about its upcoming stablecoin.

In the month of May, Facebook reportedly acquired the “Libra” trademark for the project. Sources who have some information with the matter claimed that Facebook was recruiting financial firms to develop the coin and that the project codename is Libra.

Later in the month of May, Facebook also registered a new financial tech firm, Libra Networks LLC, with the Geneva Commercial Register in Switzerland.

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