Facebook's cryptocurrency will reportedly launch next week with support from Visa, Uber,...

midian182

TechSpot Editor
Staff member

We first heard that Facebook might be developing its own virtual coin, referred to internally as GlobalCoin, over a year ago, though it had been investigating potential uses for blockchain technology since 2017. A new report by the Wall Street Journal states that the crypto will debut as soon as next week and will be supported by more than a dozen companies including Visa, Mastercard, PayPal, and Uber Technologies. Stripe, Booking.com, and MercadoLibre are also part of the project.

The publication writes that each firm will invest around $10 million into a consortium that will govern the effort.

It’s been reported that Facebook’s crypto is a stablecoin, meaning it is pegged to the value of an underlying asset, usually government-issued currencies such as the US dollar. It will operate within Facebook’s messaging infrastructure, which covers WhatsApp, Instagram, and Facebook Messenger.

Exactly what GlobalCoin will be used for is still uncertain, even some of the partners don’t know. “It is still not entirely clear, even to some members of the consortium, how the coin will work or what their roles will be,” wrote the Journal.

The BBC writes that GlobalCoin will provide an affordable and secure way of making payments, regardless of whether users have a bank account. Facebook is said to be in talks with online merchants in the hope they’ll accept the crypto in return for lower transaction fees.

Facebook is expected to unveil GlobalCoin on June 18.

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Slappy McPhee

TS Addict
Seeing as how the DOJ is receiving requests for Facebook to be investigated and possibly broken up like the AT&T breakup 30 years ago this will only strengthen the reason to do so. Facebook is an evil company that preys with their stranglehold on social media selling everything that it can. I wouldn't put it past Zuck to sell "social" time for his family members to the highest bidder.
 
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Yes I'm gonna buy into it early. Not cause it's worth anything, but because it's yet another Ponzi scheme to capitalize off of.
 

RealNeil

TS Enthusiast
Facebook has had problems with user's DATA already and it still keeps on happening periodically.
So now we should put out wealth into their hands? We suddenly trust them to do the right thing with their servers?

I don't think so,.......
 

Markoni35

TS Addict
As if we already don't have enough evil institutions that some call "banks". Now all the bigger internet entities are becoming virtual banks. Even more parasites. That's exactly what we need. Our entire world is turning into the world of parasites. Drug dealers, stupid singers with stupid songs, stupid youtubers, brokers that ruined economy, greedy crappy medicine, fake GMO food, and now an invasion of new banks and currencies.

Will someone start actually doing something good and useful? Something that is not just pure parasitic activity?
 
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dkryder

TS Rookie
As if we already don't have enough evil institutions that some call "banks". Now all the bigger internet entities are becoming virtual banks. Even more parasites. That's exactly what we need. Our entire world is turning into the world of parasites. Drug dealers, stupid singers with stupid songs, stupid youtubers, brokers that ruined economy, greedy crappy medicine, fake GMO food, and now an invasion of new banks and currencies.

Will someone start actually doing something good and useful? Something that is not just pure parasitic activity?
that activity has been left to what is called charity, usually by non-profit organizations. the typical corporation has a goal of turning a profit which usually means charging as much as is possible for whatever it does,