Novogratz: Facebook Integral To Crypto, Bitcoin will not be damaged by "Globalcoin"

Finally, some of the world's largest companies deal with crypto and related technologies. In recent weeks, some of the world's largest TD Ameritrade and Fidelity institutions continue to scale into Bitcoin.

It is also important that the giants in the technology business also continue to move into the cryptography area. While Microsoft, IBM, Samsung and Google have made good progress with their blockchain-related products, Facebook can make the biggest splash yet with its own digital resource.

Related reading: Ethereum founder Vitalik: IBM Blockchain is "Missing The Point"

Meet Facebook's digital asset

Finally, it seems that the details of Facebook's crypto competition are beginning to be ironed out. For those who missed the note, the social media inventory has long been rumored to have developed a blockchain product behind closed doors. Only recently was it revealed that said product was a cryptocurrency. And just during the last few weeks, the details of the project have been mostly radiated.

As NewsBTC reported Friday, Facebook's crypto competition will be called "Globalcoin", with the issue completed by a subsidiary named "Libra" based in the historically crypto-friendly Switzerland. While the product was first deleted to be introduced in India, new reports report that the coin will be available through Whatsapp, which operates two billion active users, and will be a payment mechanism and a prey to the social media ecosystem. [1[ads1]9659002] To drum up ideas and development, it has even been reported that Mark Zuckerberg was mandated to sit down with Tweyny's Winklevoss Twins, his peers at Harvard and other Facebook founders, to speak crypto.

And while the launch of Libra / Globalcoin is expected to be in the first quarter of 2020, the growing hype around what Facebook will be able to do with this development.

Talking to CNBC's "Squawk Box", Galaxy Digital's Mike Novogratz highlighted the importance of Facebook's massive steps into this space. The former Wall Street hotshot, now a well-known cryptocurrency investor, said that "Facebook is very important to the ecosystem," adding that this tacit approval of the technology behind Bitcoin is resounding. He even says that unlike popular belief, Globalcoin will add value to the non-centralized cryptocurrency ecosystem, not pull.

The main crypto movie?

Novogratz is not the first to have addressed this thought process. In a newsletter published last year, Anthony "Pomp" highlighted Pompliano, a Facebook growth team touring crypto-venture capitalist and Bitcoin evangelist, also the importance of Facebook in blockchain.

Pomp, who has gone to the end of the earth to celebrate crypto course values ​​and the valuation they make, claimed that consumers "never underestimate Mark" Zuck "Zuckerberg. He claimed that Facebook's blockchain solutions, whatever form they take, are about "Building a globally dominant product that changes the way billions of people live their lives." He continued:

If the technology company could build the product and adopt it, they would be able to transition from one social network to one of the world's largest financial services This move will allow them to take a small percentage on each transaction and reduce their dependence on their advertising-based model.

This is powerful, especially considering how much influence Facebook already has, as commentators like Ari Paul of Blocktower Capital have suggested, a Facebook-supported cryptocurrency can open the Bitcoin door to millions of consumers worldwide, even if the two ecosystems do not have a lot of overlap.

Related reading: Don & # 39; T Count Facebook's Crypto or JPM Coin Out, They Could Increase Bitcoin

Pompliano simply says that because of this, Facebook is probably the most important company of the cryptourrency ecosystem at the moment, despite the fact that many people think of institutions and (slightly) bigger Names in Tech.

Detractors Wary Of Globalcoin

While many are confident that the launch of Globalcoin will only validate Bitcoin and its ilk, giving joint Joe's and Jill's skills and heart to dive into cryptocurrency, some are skeptical of Facebook supported resource.

Frank Chaparro of The Block reminds his followers that Zuckerberg has not had much regard for the privacy of the users, even though Facebook was a fledgling company. Others echo this feeling and note that the product will not only likely be centralized and will be subject to censorship, government views, including concerns that do not concern Bitcoin.

  Featured image from Shutterstock 

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