Facebook could finally launch its long-rumored cryptocurrency later in June.
Facebook could introduce its cryptocurrency in June
The cryptocurrency, under Facebook’s “Project Libra”, is said to be aimed at enabling global Facebook users to transfer money across borders and make purchases online.
With its cryptocurrency, the social media giant plans to include bonuses for merchants who adopt it. Infact, project workers would even have the option of being paid in cyber currency, Engadget reported on Wednesday.
Given Facebook’s infamous security management, the blockchain would be said to be “much more centralized” than Bitcoin and the company would call on outside companies to help run the system.
It would charge third-party companies a license fee of $ 10 million per partner and incorporate them into the currency stability guarantee with traditional currency.
In an interview with Harvard law professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg said he was “potentially interested” in setting up the Facebook connection on Blockchain technology.
Later in May, Facebook started recruiting for its cryptocurrency-based payments on its platform which has 2.38 billion users.
The social media giant has also created a group within the company, led by Messenger chief David Marcus, to explore Blockchain technology and its potential use for the platform.
Earlier in June, the company launched a discussion about its crypto-stabilization initiative with the U.S. Commodities and Futures Trading Commission (CFTC).