Facebook might launch its Cryptocurrency later this month

Facebook reportedly launching new cryptocurrency in June

Facebook reportedly launching new cryptocurrency in June

Facebook will by next week, June 18, publish a white paper on its cryptocurrency token which is likely to be dubbed Libra Coin likely to be revealed before the end of this month according to sources in the company.

As reported last week, Facebook is expected to unveil its digital token this June and is looking for outside backers that would act as "nodes" of this new coin network. Presumably, any merchant with an account on these platforms could transact in the cryptocurrency with customers who also have accounts - for anything, such as online purchases, and physical-world purchases such as groceries and restaurants.

In addition, the upcoming currency, which is said to be called GlobalCoin, will not be linked to any single fiat currency, which many speculated it will be pegged to the U.S. dollar.

The company declined to comment on the matter.

Facebook will build its power in global capital markets by using the reach of its foundation.

Along with the overview, it will also launch a whitepaper explaining the details regarding working of Facebook's on-platform currency. At F8, Facebook's developer conference, the company announced some upcoming shopping features: letting Instagram users buy straight from their favorite influencers; letting businesses put their product catalogues on WhatsApp and letting Facebook Marketplace sellers ship products through the Facebook app, within the contintental United States, to make buying and selling easier.

But not everybody at Facebook is as excited about crypto as Mark Zuckerberg, the report notes. And in February, Facebook hired a team from Chainspace, a blockchain startup - though the CEO of Chainspace, Dave Hrycyszyn, departed after about a month, The Information's report said. Reuters reported that the social networking company registered a financial services subsidiary called Libra Networks in Switzerland, which could be causing some of the confusion. We earlier knew that the Facebook Cryptocurrency might be called as "GlobalCoin", "FaceCoin" or "ZuckerBucks".

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