•  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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 price prediction BTC, ETH, XRP: Building on future profits

Bitcoin has recovered above $8,000 to trade at $8,220 at the time of writing. However, the upside momentum seems to be fading away as all major digital assets are nursing marginal losses during early Asian hours on Monday.

More Bitcoin News

Ethereum market update: ETH/USD range-bound amid low trading activity

ETH/USD bottomed at $168.35 on October 18 and, having recovered above $170.00 entered a range-bound phase. By the time of writing, the second largest coin settled at $174.30, amid slow trading activity.

More Ethereum News

Ripple price prediction: XRP/USD stuck at $0.29 – Confluence Detector

Ripple’s XRP is changing hands at $0.2900, off the recent high registered at $0.3041. Now the third-largest digital asset with the current market value of $12.5 billion has stayed unchanged in recent 24 hours amid range-bound trading on the global cryptocurrency market. 

More Ripple News

Litecoin: LTC/USD falling wedge pattern hints breakout

Litecoin is grinding closer to a falling wedge pattern likely to correct the extended downtrend. The zone at $50-53 becomes a viable support area capable of halting massive declines.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP