Cointelegraph Team
Cointelegraph
Global investment bank RBC Capital Markets believes that Facebook’s upcoming crypto project will be a major milestone in the firm’s history, CNBC reports June 14.
In a note to investors, RBC Capital analysts Mark Mahaney and Zachary Schwartzman reportedly said that Facebook’s long-rumored stablecoin project “may prove to be one of the most important initiatives in the history of the company.”
A part of the Royal Bank of Canada (RBC), RBC Capital predicted that the social media giant’s cryptocurrency project will “unlock new engagement and revenue streams.”
According to the report, RBC Capital expects the project’s white paper to be released on June 18, joining other sources that expressed similar expectations earlier this month. In the note to investors, the investment bank promised to provide an analysis of the paper as soon as it is released in order to “help investors analyze the underlying cryptoeconomics of the token.”
To date, RBC Capital has predicted that Facebook will use its crypto initiative to facilitate three spheres of its business: applications and gaming, payments, and commerce. Earlier this month, CNBC reported that Facebook will allow its employees to receive part of their salary in its internal cryptocurrency.
Meanwhile, RBC Capital also has an outperform rating on Facebook, with a price target of $250 per share. At press time, Facebook’s share rose around 1.8% to trade at $180.4, up more than 35% over the past year, according to CNBC.
First reported by Bloomberg in late 2018, Facebook’s upcoming stablecoin has been a major issue discussed in crypto community and has seen increased coverage by crypto media outlets so far.
Earlier today, the Financial Times reported that Facebook hired Standard Chartered Bank’s head of public affairs Ed Bowles for its cryptocurrency project. Yesterday, the Wall Street Journal published an article revealing that Facebook’s crypto project was supported by over a dozen companies including Visa, Mastercard, PayPal and Uber.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?