- GlobalCoin will be pegged to the US dollar or a bunch of other currencies.
- Facebook employees will have the option of being paid in GlobalCoin.
Social media giants Facebook is launching a corporate GlobalCoin in June, which is likely to be pegged to the US dollar or bunch of other currencies. Although there are fewer details as to how they will exactly achieve the peg, it is reported that Facebook is all set to construct an independent foundation to manage the stablecoin. It will be marketed in developing nations where local currencies may be less stable. Globalcoin will be integrated with WhatsApp, Messenger, and Instagram. Facebook employees also have the option of being paid in GlobalCoin.
Facebook will be charging firms/individuals $10 million to run a node in the network and it won’t be open for the public. As per TrustNodes, this information was given to them via unnamed sources. If this is true, then the network will be run by a small number of nodes and will not be decentralized whatsoever. TrustNodes speculates that Facebook may as well be the only node running “Globalcoin.” If the news about the price of these nodes is legitimate, then it will directly reflect what Facebook founder Mark Zuckerberg, said about cryptocurrencies back during the height of crypto prices:
“Encryption and cryptocurrency take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control.”
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
XRP ruling by Judge Torres denied in Coinbase lawsuit, yet another blow to Ripple
XRP programmatic sales ruling by Judge Torres completely rejected by US Court in Coinbase lawsuit. US Court rejected Coinbase’ motion to dismiss SEC lawsuit, weighing heavily on Ripple’s legal battle.
Sushi price eyes $3 after clearing key weekly resistance level
Sushi price flips the $1.628 resistance level into a support floor after a month of struggle. A temporary retracement might be a good opportunity to accumulate SUSHI before a retest of $3. A breakdown of the $1.267 barrier would invalidate the bullish thesis.
Bitcoin Price Outlook: Will $150 billion bank Morgan Stanley send BTC to new ATH?
Bitcoin has recorded increased volatility this week, with most of BTC holders currently in profit. As market activity continues to grow with long-term holders now ramping up on distribution pressure, the pioneer crypto is bearing the brunt of growing overhead pressure.
Coinbase loses first round of battle against SEC
A day after the SEC filed a lawsuit against Binance last year, it went after Coinbase in a sign that the clampdown is extending to key players in the industry. The latest development in the matter is that the court has ruled in favor of the financial regulator, which means the case will continue.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.