Facebook ( FB ) is reportedly planning to launch its cryptocurrency, now dubbed GlobalCoin, by 2020.
According to a recent report by The social media giant is aiming to start testing the new crypto by the end of 2019 with plans to launch in the first quarter of 2020.
“Facebook is expected to outline plans in more detail this summer, and has already spoken to Bank of England governor Mark Carney, "reads the report. “Founder Mark Zuckerberg with Mr. Carney last month discussed the opportunities and risks involved in launching a cryptocurrency.”
firms including Western Union.
The new cryptocurrency is believed to be a stablecoin, meaning that the price is pegged to a value that will be backed by physical assets. If we previously reported Facebook is courting major VC firms to raise $ 1 trillion, which is believed to be back to the company's stablecoin.
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Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments
