Category Archives: Facebook stablecoin

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Facebook in Talks With Coinbase, Winklevoss’ Gemini to Launch Its Globalcoin: Financial Times

Gemini, facebook

In a development that could be a game changer for the crypto industry, social media giant Facebook has been showing an increased interest in launching their own cryptocurrency and are in talks with Winklevoss’ Gemini, reports The Financial Times (FT).

According to the report published on 24 May, representatives from Facebook met with major United States-based crypto exchanges to discuss the issuance of its own crypto, known as the “Globalcoin” project. FT added that Facebook discussed the initiative with Coinbase, and has also talked with the Gemini exchange, led by the Winklevoss twins, who are the well-known rivals of Facebook’s CEO Mark Zuckerberg and were even involved in a lawsuit against him accusing him of stealing their idea for Facebook itself. 

There have been reports of Facebook negotiating with many crypto-related and high-frequency trading firms like Jump and DRW to ensure that their long-rumoured stablecoin has an equal pegging with the United States dollar along with liquidity, market acceptability, and security.

There has been no information released from any of these companies, with the reports revealing that Facebook has required each one of them to sign a non-disclosure agreement. But there are rumours that Facebook’s cryptocurrency will not solely be focused on payments, as it will be “bigger and more open” for purchases on the platform. There are hints that Facebook plans to integrate Globalcoin with all of its applications — WhatsApp, Messenger and Instagram — and aims to deliver a massively exposed cryptocurrency project.

According to FT’s report, now only international and industrial regulations remain the biggest obstacle for Facebook in delivering the much-anticipated stablecoin. This news comes 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.

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The Motley Fool: Facebook Stablecoin Will Interest Visa, Mastercard

Motley Fool: Facebook Stablecoin Will Interest Visa, Mastercard

Multimedia financial services company, The Motley Fool wrote that Facebook’s much speculated, upcoming cryptocurrency project dubbed the Facebook Coin, will likely interest traditional credit card companies such as Mastercard and Visa.

The publication claims that Facebook’s project, which it believes is most likely a stablecoin, would potentially disrupt the operations of the two companies, but reports that it is also in discussions with them, to talk about the possibility of investment or even partnership.

The rationale, according to The Motley Fool, is that Facebook would still require a physical credit card provider to expand into physical store locations. Visa, for instance, partnered with PayPal to enable their customers to have a physical credit card, and then more recently did it with Coinbase in the UK, while Mastercard did the same with Square. Apple as well has not been outdone, with its Apple Card to expand Apple Pay.

Facebook Explores Stablecoins Through WhatsApp

Furthermore, the article also believes that a unified Facebook cryptocurrency would present a strong challenge to other fintechs involved in the payment sector or which has payment platforms like PayPal, Google Pay, Amazon Pay, and Apple Pay.

With 2.38 billion active users every month by the end of March 2019, it could already become the most widely used currency globally, especially if it is able to partner with more third-party websites. They would certainly have the expertise, as ex-PayPal President David Marcus heads Facebook’s blockchain group, along with 20% of its staff also from PayPal.

 

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