Facebook will now reveal the social media giant’s widely talked about cryptocurrency sometime later this month, according to a report by The Information.
Published on June 5, The Information’s report claims that Facebook is set to publicly unveil the cryptocurrency and will seek to have it used for transactions on its social media channels.
Other than the release to the public, Facebook will purportedly also look to offer the cryptocurrency to company employees who wish to receive their salaries in crypto.
Previously it was reported that Facebook was looking to launch its Globalcoin stablecoin sometime in 2020. The platform had also indicated that it would begin public trials for the payment coin by the end of 2019.
But the company has allegedly moved close to a public release, with plans there for the launch of physical portals from where interested users will be able to purchase Globalcoin.
The Information further reveals that the social media giant has invited external parties to join the network as nodes. Useful in empowering the cryptocurrency and safeguarding the platform, each node’s fee could total $10 million.
Facebook’s cryptocurrency initiative has gained a lot of attention over the last few months, a year on after the company appointed former PayPal chief David Marcus as its head of blockchain development.
Since May 2018 when Marcus began assembling a team of blockchain engineers, speculation has been that it’s just a matter of time before Facebook takes a plunge into crypto. It’s also been speculated that the tech giant would not take long before venturing into the financial services sector.
Recently, the company has reportedly talked to several major payment providers, crypto exchanges and regulators as it prepares to launch the cryptocurrency. The U.S. Commodity Futures Trading Commission (CFTC) has also been said to be in discussion with Facebook over the reported cryptocurrency.