Facebook plans to roll out the “GlobalCoin” in 2020

Analyst predicts Facebook’s FaceCoin could earn up to $19 billion by 2021

Facebook plans to launch its own cryptocurrency, a coin called GlobalCoin in 2020. The news report comes from BBC.

The cryptocurrency will reportedly become available in several countries in the first quarter of 2020. However, trials are going to start by the end of 2019.

Facebook’s cryptocurrency and blockchain initiatives are some of the most speculated and awaited ones. This is not surprising given the number of customers that Facebook has. Leaprate just recently reported about “Project Libra”, or a Facebook fintech company that is based in Switzerland – a very crypto-friendly country. It is actually the “internal” name of the whole cryptocurrency project, and eventually, coin:

Facebook launched Project Libra more than a year ago to allow money transfers between WhatsApp users. Over time, however, the scope of the project has expanded. That includes the decision to include e-commerce payments on Facebook and other websites as well as rewards for viewing ads, shopping online, and interacting with content

In addition, many believe that Facebook is actually thinking of a stablecoin dubbed FaceCoin. While there is no confirmation about such a product, the rumours that the social media giant will eventually launch a crypto of some sort do not die out. Facebook is rumoured to be seeking to raise around $1 billion for the project.

More information about the cryptocurrency called GlobalCoin will be revealed in due course. According to the report from BBC, Facebook has reportedly sought advice and help from the US Treasury on how to manage regulatory issues and compliance.


Read Also: