Facebook's GlobalCoin to go live as early as in June

  •  Facebook is getting ready for GlobalCoin's launch.
  • The company plans to raise money by selling rights to serve as a node in the network.

The social network may launch its cryptocurrency project as early as this months, The Information reports. Once it happens, the company’s employees will be able to receive their pay-checks in digital money.

Also, Facebook plans to create so-called physical portals where users can buy the new stablecoins.

It is supposed that the company will develop a unique structure to manage the newly born GlobalCoin. At this stage, it is negotiating with various financial institutions and hi-tech companies to obtain permissions to use their developments and resources. 

The Information reports that Facebook invites third parties to function as nodes; though they will have to pay for the privilege up to $10 billion. The successful candidates will be able to become a part of the network and appoint one representative to the project’s subdivision.

At the initial stage, the decentralized network of GlobalCoin will consist of 100 nodes, which will allow Facebook to raise at least $1 billion for the project development.

Earlier it was reported that Facebook held negotiations with the CFTC to clarify whether the coin falls under the Commission’s regulations.


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.