Upcoming Facebook ‘GlobalCoin’ focuses on preventing volatility

It is not a rumor anymore as Facebook has indeed been confirmed to be working on a stablecoin digital asset. The cryptocurrency is said to have been branded the name GlobalCoin according to Facebook’s head of financial services and payment partnerships for Northern Europe, McCracken, who recently spoke to a German business magazine WirtschaftsWoche.

The executive cleared the allegations that the stablecoin was going to be linked to one fiat currency. McCracken said that the GlobalCoin will be linked several fiat currencies in a bid to prevent volatility. The coin is, however, far from being launched according to McCracken who confirmed that the whitepaper will be released on June 18.

The news directly from the company comes after some reports claimed to know the executives that are involved with the development of the digital asset. Some of the listed executives are MIT’s Christian Catalini as chief economist and Sunita Parasuraman, manager of the Switzerland-based foundation leading the token project.

Another unconfirmed report by a Russian news website RBC said that Facebook’s digital token was going to be used in oil transactions in the near future. This is according to the head of oil firm Rosneft, Igor Sechin, who told the St. Petersburg Economic Forum.