We previously reported about the new cryptocurrency the social media giant are working on. The cryptocurrency will be more of a payments-focused coin and totally different from what you might be thinking.
Facebook has revealed the name of the cryptocurrency will be Globalcoin and will be available to everyone with a Facebook account. It will be ready by the end of 2019, and will launch in Q1 2020.
Mark Zuckerberg, who is the founding father of the social platform reportedly met with the Bank of England governor Mark Carney last month. They both discussed about the risks involved in its cryptocurrency launch, and of course its prospects.
Zuckerberg also consulted United States Treasury officials to make sure the procedures are checked, just in case of a money laundering saga. To back up the project, Facebook is looking for $1 billion from MasterCard & Visa.
Earlier this month, it was reported that the US Senate and Banking committee wrote and send an open letter to Facebook. In the letter, the committee were seeking be to know how the company plans to ensure consumer protection and safeguard financial information with its new cryptocurrency.