Facebook Plans Cryptocurrency GlobalCoin

by TrendBitcoin , May 31, 2019

Facebook is reportedly developing a digital payments systems that will be rolled out in several countries by the first quarter of 2020.

As reported by several news outlets such as BBC, The Wall Street Journal, The Financial Times and Bloomberg.  Purportedly the company has over 60 employees working on the project.

The social media giant has not commented on the reports but there is speculation that the new currency could be used to reward users for watching ads on its platform and spent at major retailers, not just on Facebook. It will be reportedly be pegged to the dollar.

This information is getting the crypto community excited, talking about adoption, what better than a company like Facebook.

Cryptocurrencies originally appeared in 2009 with the creation of Bitcoin , and since then it has been struggling for mass adoption, but Facebook with its 2.3 billion monthly users could potentially be a game changer.

“Anything that gets people thinking in terms of financial units that are not just dollars or not just at a bank opens people’s minds to new things,” Erik Voorhees, the cofounder of crypto exchange Shapeshift, said.

‘Adding complexity to an existing failed project’

Not everybody is optimistic about Facebook’s plans. Considering that Facebook launched in 2015 in the US payments through their Messenger app and expanded to Europe in 2017 but last month the company announced that they were discontinuing their mobile payments in Europe.

Some say that they are adding some complexity to something that already failed.

Tom Chippas, the CEO of crypto business ErisX, echoed these concerns. He told Yahoo Finance UK: “Do we want a crypto token built on a closed system with privacy concerns that not the entire world accesses?

“If their token is going to trade and be freely available — fantastic. But if it’s a closed ecosystem — I don’t know that the world wants another reward point that they can only spend at certain merchants.”

Is only a matter of time to see if when the project launches and if it’s a success .