Social networking giant Facebook is getting ready to launch a cryptocurrency of its own within the first quarter of 2020, the BBC claims.
The cryptocurrency, internally known as GlobalCoin, will launch in a few dozen countries, with testing commencing by the end of this year.
We’ve heard reports that Facebook is functioning on one thing crypto-related for about a year, ever since the company assigned its head of messenger, David Marcus, to a blockchain-focused role in might 2018. however a recent report shed a lot of lightweight on the project (which, according to Facebook, boils down to a “small team” that is exploring “many totally different applications” of the blockchain) — apparently, Facebook plans to launch a worldwide, crypto-based payment, and e-commerce system.
The BBC’s report does not reveal several further details concerning the project — the foremost necessary bit is that the timeline. in keeping with the report, Facebook has already spoken to Bank of England governor Mark Carney about the project, further because of the U.S. Treasury. Official news concerning the project, BBC claims, would possibly come as early as this summer.
We’ve contacted Facebook relating to the report and will update this text after we hear back.
The news of Facebook coming into the area may well be large for cryptocurrencies generally, given Facebook’s user base of 2.38 billion monthly active users as of April 2019. However, varied questions about the project remain. will Global Coin be open source? can it be based on an existing blockchain platform, like Ethereum, or can it be supported a totally new blockchain? can it be out there to be used outside of Facebook? Hopefully, we’ll get answers to a minimum of a number of these queries this summer.