Facebook set to announce the launch of its cryptocurrency

Facebook readying announcement of their cryptocurrency native token project for this month.
CNBC covered that Facebook will be planning on ceding control of the token to outside parties.

Ken Chigbo Independent Analyst

The social media giant Facebook is reportedly set to announce its cryptocurrency project this month, June. It will allow employees to take part of their salary in the coin, according to CNBC.

CNBC covered details that Facebook furthermore plans to cede control of the cryptocurrency to outside parties in order to ensure that the digital asset will not be completely centralized.

It is also reported that third-party organizations are willing to pay as much as $10 million dollars for the opportunity to act as a node — to validate transactions — on the network for Facebook’s native token.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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