Facebook Is Going “Global”
Originally, Facebook Coin was simply going to be a currency that could be used to purchase goods and services through Facebook’s WhatsApp messenger system. In addition, the social media platform was building what was called the “Libra Network,” which would allow users to purchase items through or from other merchants that featured Facebook login options.
But if there’s one thing we can all say about Facebook, it’s that it’s ambitious. It’s not happy being a simple social media platform, and it’s consistently looking for ways to push the boundaries and potentially boost its presence throughout the tech space. That’s why the new Facebook Coin will be classified as a “global coin.” In other words, it can be used in multiple countries around the world without the risk of volatility, inflation or other problems.
Facebook is hoping to start testing the currency by the end of the year, with several countries using it by the time 2020 rolls along. At press time, very little is known about the specific properties of the coin other than the idea that it will be a stable currency. It will be tied to the U.S. dollar, so those who use it can expect to avoid the price swings one often experiences with mainstream cryptocurrencies such as bitcoin, Ethereum and bitcoin cash.
More details regarding the coin’s technical prospects are expected to emerge sometime this summer.
Facebook has been working on the coin since December 2018, when it first began developing its new blockchain division. One thing that can be said is that the company is working quickly, and for that, some admiration is called for. It could have easily gotten hung up on the many executives that exited the company over the past few months or even the Cambridge Analytica scandal that has arguably put a permanent dent in the company’s reputation.
No. It’s clearly decided to move on, focusing more on a privacy-oriented structure and turning its attention to an area nobody saw coming… cryptocurrency. Since announcing Facebook Coin, the enterprise has sought over $1 billion in funding from interested tech investors and even consulted with the Winklevoss Twins of “The Social Network” fame.
Other Coins Respond Well to the News
As the creators of the Gemini exchange in New York, this is one area the Twins probably know better than Zuckerberg, which means they have a lot of knowledge and experience to pass on.
The news of Facebook Coin’s global status has had a positive effect on most major currencies. Bitcoin is currently up by five percent and trading for just under $8,000, while Ethereum and Litecoin are up seven and 11 percent respectively.