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Facebook Reveals Radical GlobalCoin Plans to Defeat Bitcoin

Facebook Reveals Radical GlobalCoin Plans to Defeat Bitcoin

Social media mammoth Facebook has set out daring plans to launch its new cryptocurrency, GlobalCoin, and has apparently detailed its strategy to beat Bitcoin as the world’s most popular and most used cryptocurrency, according to Forbes.

It has been reported that Facebook will not directly manage this latest rival to Bitcoin. Instead, “an independent foundation” will be the one controlling GlobalCoin, a move likely to deflect centralization concerns and improve their compliance with financial regulators.

Bitcoin News has written about Facebook’s busy work in discussing and negotiating with financial and tech institutions over the past months. Its founder, Mark Zuckerberg, had been in a meeting with Bank of England governor Mark Carney in April to talk about the risks and opportunities of launching such a crypto. They later even met with Coinbase and others, trigerring all kinds of speculation about possible partners. Then, it was planned to launch GlobalCoin in 2020 but things have seemed to been sped up.

All this news came on the back of Facebook recently registering a new financial tech firm, Libra Networks LLC, in Geneva, which will offer financial services such as payments, identity management, financing, big data, data analysis, and blockchain.

The cryptocurrency is said to appear much like Bitcoin, but is linked to a Facebook project codenamed Libra and is thought to be focused at developing countries, where national currencies are less stable and its people will use the crypto as a “borderless currency”.

It is also accepted that GlobalCoin will be a so-called stablecoin pegged to the US dollar, and is widely expected to a payment option, integrated into Facebook’s popular messaging app WhatsApp and Messenger, as well as on photo-sharing app Instagram.

 

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$1 Billion Sought for Facebook Crypto Project

 Billion Sought for Facebook Crypto Project

The New York Times reporter Nathaniel Popper has now said that social media behemoth Facebook will soon be seeking to raise up to USD 1 billion for its cryptocurrency project.

His series of Tweets yesterday shared several updates that say Popper’s undisclosed sources have informed that Facebook is going to be on the look out for venture capital (VC) firms in order to raise the 10-figure sum.

Update on Facebook’s cryptocurrency: Sources tell me that Facebook is now looking to get VC firms to invest in the Facebook cryptocurrency project we reported on earlier this year. I hear they are targeting big sums — as much as $1b.

— Nathaniel Popper (@nathanielpopper) April 8, 2019

The tech journalist then goes on to speculate that a move to seek external investment could be a way to present Facebook’s crypto project as “more decentralized and less controlled”, given the expected backlash from crypto purists who see corporate crypto as a move away from the original principles of cryptocurrency.

His sources are also indicating that the company plans to peg its digital assets against a fiat basket in an attempt to create a stablecoin, which would protect it from the extreme volatility associated with cryptocurrency. He said:

“One person I spoke with said that Facebook is talking about using the money as collateral for its cryptocurrency. Facebook has been designing the coin to keep a stable value, pegged to a basket of foreign currencies held in bank accounts.”

Although there has yet to be any official announcements from Facebook, there have been past media reports talking up a possible “Facebook Coin“, and the company has been seen to advertise vacancies for blockchain experts.

 

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