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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD shoots higher following Bakkt news

Above is the 5-minute BTC/USD chart which shows the powerful surge in volume when the Bakkt announcement was made. The arrow shows the exact time of the release, prior to the story BTC/USD was trading close to 10,000.00 and bouncing off the mean value price for the day. 

More Bitcoin News

Ripple price analysis: Confluence detector shows a lack of healthy resistance and support levels

Ripple is currently trending in a flag formation and is priced at $0.259. This Thursday, the bulls kicked in after the price fell to $0.242 and took the price up to $0.264. 

More Ripple News

Cardano Foundation partners with Berlin blockchain venture studio Konfidio, market reaction muted

The Cardano Foundation revealed that they have partnered up with Berlin blockchain venture studio Konfidio. The main aim of the partnership will be to execute real-world business cases on the Cardano blockchain. According to their announcement:

More Cardano News

Ethereum: ETH/USD bear trapped below broken support range

Ethereum defended the support at $170 before a shallow recovery pulled the price above $180. ETH/USD must reclaim position in the broken support range between $190 - $200.

More Ethereum News


Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast