Facebook will unveil its cryptocurrency, GlobalCoin, on June 18.According to Fortune newsletter, the “Facebook virtual coinage will be available in the company’s apps and at ATM-like machines. [And] Employees working on the project will even be able to take their salaries in the new digital moolah.”
Facebook is finally ready to reveal details about its cryptocurrency, codenamed Libra. It has currently scheduled a June 18 release of a white paper explaining its cryptocurrency’s basics, according to a source.
It sounds like Facebook’s cryptocurrency will be a stablecoin, transferable with zero fees via Facebook products including Messenger and WhatsApp.
What Facebook is doing here is to sidestep credit card transaction fees. Through this, Facebook’s cryptocurrency will offer a more cost-effective way to pay merchants for traditional ecommerce, or facilitate microtransactions across different markets within the Facebook planet of excess of 2 billion people operate.
More so, GlobalCoin can help diversify the business from ad business, and possibly help preserve the Facebook empire in this era where regulators want to cage the social media giant. Yes, even if they decide to restrict what it does, it has the future of payment in its hands!
Building an easy way for Facebook’s more than 2 billion users to pay for things and exchange money between countries could help the company diversify beyond advertising, which today accounts for nearly all of its revenue. Facebook’s ad model has faced criticism from privacy advocates, lawmakers and the press for the ways it collects and uses detailed information about users.