Facebook Announce Cryptocurrency Coin Project This Month


Social Media Giant has finally reached the point for the announcement of there new Cryptocurrency project this month as is subsequently allowing it’s employees to take their salary in respective coin, as per the reporting by CNBC on 5th of June.

Further discussing the report, CNBC stated that the firm is planning to distribute the control to the currency to the outside parties just in order to ensure that their digital asset is not completely centralized.

Many of the third party organizations have to pay as much as $10 million for the opportunity to act as a node for the digital asset and hence to validate transactions over the network of Facebook’s native token.

There are also rumours that the stablecoin which will be integrated as a payment tool on various platforms for Facebook such as WhatsApp, Messenger and Instagram and also to make it accessible through physical ATM just as a normal note currency machine.

As there is very less information shared by the company about their upcoming project, but in the earlier week, the Financial Times had a report with said that the United States Commodity Futures(CFTC) and the firm were on a talk about its upcoming stablecoin.

Previously in May, the firm acquired the name (Libra) as there trademark respectively for three ongoing projects. The familiar resources with them claimed It to be the firm’s development of the Coin with is taken under the code name Libra.

Recently this month, Facebook has also registered a new financial tech firm named Libra Networks LLC, with the Geneva Commercial Register in Switzerland.

Also Read: Nasdaq And CryptoCompare Partnered To Launch Cryptocurrency Pricing Product For Institutional Investors