Report: Facebook Will Announce Its Cryptocurrency Project This Month

Facebook will reportedly announce its cryptocurrency project later this month

This report comes from a CNBC report, reiterating a fresh recent news report from The Information. Perhaps most notably, Facebook will reportedly offer employees working on the project the opportunity to take their salary in the new cryptocurrency.

Previous suggestions indicated that Facebook’s upcoming cryptocurrency project would not launch until 2020. The report from The Information, however, says that Facebook will announce its cryptocurrency project later this month.

Furthermore, CNBC reports that third-party organizations will contribute financially in order to win the possibility to act as a node. In fact, these third-party actors will supposedly be ready to pay a whopping $10 million each, in order to act as a node and be able to validate transactions on Facebook’s upcoming network.

Soliciting third-parties to act as nodes is a key step towards creating greater decentralization. The report also mentions that various companies are ready to play the role of validating nodes.

This shows the amount of interest Facebook’s rumored cryptocurrency project has already attracted. What’s more, Facebook is also working closely with regulators in order to launch its upcoming stablecoin as smoothly as possible.

For example, Facebook reportedly met with the US Commodity Futures Trading Commission earlier this week. Developing the cryptocurrency project to pass regulatory scrutiny is especially notable seeing as the SEC recently sued the messaging company Kik, following its 2017 ICO.

The cryptocurrency will supposedly be able to purchase from special “ATMs”

Facebook has kept a tight lip regarding its upcoming cryptocurrency, however some details have already emerged. Specifically, it will supposedly feature full payment tool integration across WhatsApp, Instagram, and Messenger.

There are also some reports suggesting that the cryptocurrency might be accessible through physical, ATM-like distribution machines. Customers will be able to buy the cryptocurrency using these physical machines.

CNBC notes that the Facebook cryptocurrency could be a crucial step for the social media giant to diversify its revenue beyond its main current source, which is advertising. 

Facebook’s upcoming “GlobalCoin” cryptocurrency has already been called “wildly important” for wider cryptocurrency adoption. In addition to this, Facebook’s CEO, Mark Zuckerberg, has recently pointed out payments as a key area of interest for Facebook.

Nevertheless, CNBC also reports that some of Facebook’s upper management has been “skeptical” of the cryptocurrency project internally. As such, the project will surely need to prove itself internally before it reaches the public.

Image Source: Forbes

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