Facebook, reportedly, will target India first, with a specific focus on funds transfers via remittance - i.e. money sent home to family members. Needless to say, there are more people willing to read it than Facebook could ever anticipate.
According to The Information (via CNBC), the company will let users trade, store, and exchange its cryptocurrency for fiat currency through Facebook's apps, including messaging platforms Messenger and WhatsApp.
Facebook is moving ahead with plans to launch its own cryptocurrency but it intends to turn over control to outside backers, which the company hopes will reassure financial regulators. On the other hand, only a sliver of Facebook's 2 billion users probably overlap with anyone who considers themselves "serious" about crypto. It's known that employees working on the project can choose to take their paycheck in the form of blockchain tokens.
How Will Facebook's Cryptocurrency Work?
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At the initial stage, the decentralized network of GlobalCoin will consist of 100 nodes, which will allow Facebook to raise at least $1 billion for the project development. The aim of the node is to validate transactions, on the new network for Facebook's native stablecoin.
However, Facebook claims to be looking to create an outside foundation to oversee GlobalCoin in order to mitigate privacy and antitrust concerns; items which have haunted the company in recent years. The reasons reportedly are that the social media giant partly wants to avoid criticism regarding centralization and partly to stay on the right side of financial regulations.
The largest social media website in the world, Facebook, is reported to announce its cryptocurrency later this month.
Facebook is getting ready for GlobalCoin's launch. Price fluctuations have arguably made it harder for cryptocurrencies like bitcoin and ethereum to become popular payment tools, even as they've been attractive to investors and speculators.