Facebook Aims to Launch Cryptocurrency in 2020

Facebook Aims to Launch Cryptocurrency in 2020
24.05.2019 12:35 pm

Facebook Aims to Launch Cryptocurrency in 2020

Payments , Cryptocurrencies

Social media giant Facebook is set to roll out its own cryptocurrency dubbed “GlobalCoin” in 2020.

The news and broadcasting organisation said on Friday that Facebook is planning to launch the cryptocurrency-based payments system in “a dozen countries” by the first quarter of 2020 and is looking to start trials by the end of this year.

Facebook has also apparently sought for advice from officials of the U.S. Treasury and the Bank of England governor Mark Carney regarding opportunities and regulatory issues for the initiative, which is internally referred to as “Project Libra.”

More details about Facebook’s crypto plan are expected to be revealed in the coming months, the report said.

According to the FT, Facebook has also been in talks with both the Coinbase and Gemini exchanges seeking to prepare third-party, regulated platforms for users of its coin to store and exchange the asset. It cites “two people familiar with the matter” as the source of the information.

Notably, Gemini is a firm founded by Mark Zuckerberg’s old legal combatants, Cameron and Tyler Winklevoss, but they also run a highly regulated exchange – a factor that will likely appeal to Facebook, since regulation will be one of its key hurdles with the new cryptocurrency, the FT points out.

The firm has also been discussing market creation and liquidity with Jump and DRW, top Chicago-based high-frequency trading firms, the sources said.

The news updates come soon after recent reports that Facebook has been in talks with payments firms including Western Union, Visa, and Mastercard, to back and fund its planned fiat-based cryptocurrency.

The project is said to be developing a cryptocurrency helping Facebook’s billions of users transfer money to each other and to make online purchases.

On May 2, Facebook registered a new entity called “Libra Networks” in Geneva, which will “provide financial and technology services and develop related hardware and software.”

Last month, it was reported that Facebook could be seeking to raise as much as $1 billion to fund the crypto stablecoin project.

Related News

Mastercard, PFS and Starling Bank team up to offer a trusted alternative to cash to NHS volunteers

As National Volunteer Week gets underway, Royal Voluntary Service has identified two Mastercard issuers to provide trusted payment cards to NHS Volunteer Responders. These can... Read more »

Brazilians tend to increase spendings on ecommerce after the pandemic, EBANX study shows

A research launched by EBANX, on the impacts of the COVID-19 pandemic on the ecommerce market in Brazil and the post-pandemic perspectives, brings in the results an intention... Read more »

Mastercard: Contactless payments have become the “new normal” across the UK

As Mastercard reveal that 66 per cent of all transactions across the UK are now contactless, new research released today identifies consumer habits and viewpoints that mean... Read more »

South Africa’s Mama Money Expands Global Reach with Western Union

Western Union, a leader in cross-border, cross-currency money movement... Read more »

SatoshiPay Secures $550,000 investment from Stellar Development Foundation

The Stellar Development Foundation ("SDF") has made a strategic investment of $550,000 by way of convertible loan notes. This investment marks the third investment made by SDF... Read more »

Enfuce powers payments in MaaS Global’s revolutionary mobility app

Maas Global, the leading Mobility as a Service provider, has partnered with Enfuce – Finland’s largest fintech startup – to launch a card payment offering in Whim, MaaS Global’... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel