Facebook To Launch Its Cryptocurrency Named Globalcoin Soon

Social media giant Facebook is planning to introduce its cryptocurrency soon, according to the latest reports. The company is planning to set up a digital payment system in about twelve countries at the beginning of the year 2020. The currency, referred to internally as Globalcoin, may be announced with a changed name by the end of this year when Facebook outlines its plans in more details. To reaffirm the reports, it is claimed the company has already completed the talks with the Bank of England about the risks and opportunities of a cryptocurrency. Facebook is seemingly also in talks with a few money transfer firms; to devise an affordable method for people without a bank account to send money

How Globalcoin Will Work?

According to reports, Facebook is looking forward to creating a digital-based currency; able to provide an affordable and secure way of transacting online. Like mentioned previously, the company aims to do the above without the need for the users to have a bank account. The project has been in the works for a while now and was codenamed Libra in the beginning. While it is referred to as Globalcoin internally, do not be surprised if the name is changed when it is announced officially. For the alleged project, Facebook will have to collaborate with various banks; which will allow it to exchange international currencies into Globalcoin.

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The major advantage Facebook will have with its currency Globalcoin over its rivals like Bitcoin and Ethereum; is the sheer number of users of its various products. Over 2 billion people have been recorded to use Facebook actively and millions of other audience are hooked to applications like Instagram and WhatsApp. By utilising these platforms and integrating its currency with them, Facebook can have a plethora of users of its currency in a short amount of time.