Each node on Facebook’s Globalcoin will reportedly cost $10m

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.”