Facebook to Announce Cryptocurrency Project Later this Month?

Social media giant Facebook may announce its cryptocurrency project, dubbed GlobalCoin, later this month. According to CNBC, the company may even allow employees to take a part of their salaries in ‘Facebook Coin’. The report is in line with an earlier New York Times report which said that the project may be launched in the first half of 2019.

Citing The Information, the report has said that the company may offer enough control to outside parties to ensure decentralisation. Facebook is reportedly soliciting third-party organisations to act as nodes for the project and has also discussed charging $10 million for the ‘privilege’.

Incidentally, Facebook COO Sheryl Sandberg and CFO David Wehner are skeptical about the project.

There has been a flurry of reports about Facebook’s cryptocurrency initiative since the start of the year. Facebook is reportedly in talks with CFTC and has also reached out to UK regulators regarding its cryptocurrency project. The company also registered a new firm in Switzerland called Libra Networks, for the project which is also codenamed Libra. Facebook is also in talks with Visa, Mastercard, Coinbase and Gemini to support the cryptocurrency project. Earlier reports had indicated that the cryptocurrency may be launched only next year.

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