Report: Facebook launches cryptocurrency & # 39; GlobalCoin & # 39; by 2020

Facebook is developing a digital payment system that will be rolled out in several countries by the first quarter of 2020, according to the BBC.

The report said the company is hoping to start testing "GlobalCoin" by the end of 2019 and more details are expected to be released this summer.

The social media giant has over the years faced several high-frequency trading companies, cryptocurrency exchanges and bank employees in recent months to pave the way for digital coinage digital security infrastructure and users' ability to swap them for other cryptocurrencies or conventional currencies and make payments .

Reports have closely monitored such meetings after Facebook's plans for a digital currency were first reported in December 201[ads1]8.

The secretive initiative has so far been codenamed "Project Libra" and will reportedly roll out in connection with banks and brokers to link the digital currencies with conventional currencies around the world and pass as payments with selected online stores in exchange for lower transaction fees.

In March, Barclay's internet analyst Ross Sandler said the crypto course could add as much as $ 19 billion in additional revenue by 2021 to the company.

The news comes after the Financial Times reported that representatives from Facebook and Winklevoss twins & Gemini Cryptocurrency Exchange have held talks about the social media giant's planned digital coin.

: Read more : Facebook currently claimed conversations with Mark Zuckerberg's archives, Winklevoss twins for a partnership on the company's new crypto competition

This marks the company's second venture in cryptography, nearly 10 years after digital currency Facebook The credits were closed after a failed two years.

Report on a Facebook coin lifted cryptocurrencies on Friday. Bitcoin climbed 5% to around $ 7,960, while etereum and bitcoin cash jumped around 7% and litecoin increased 11%.

Theron Mohamed contributed reporting.

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