Facebook is all set to launch its cryptocurrency, GlobalCoin, and its employees may soon be allowed to carry home their salaries in the form of this stable coin.
The Company has been working on building its own digital currency for about a year now. The currency can be stored, traded and exchanged for regular currency, with the help of Messenger, WhatsApp and other Facebook apps.
It is reported that the Company is also working on machines similar to ATMs from where the currency can be bought.
If GlobalCoin is successfully launched, Facebook’s over two billion users will be able to pay for things and exchange money between countries. This will also allow Facebook to look at means for generating income other than advertisements alone.
The Company is expected to tie up with other organisations to help manage the cryptocurrency, and is reportedly planning to charge about $10 million for the service. These third-party organisations or nodes will lend support to the network in the form of their computing power, which will be required to resolve intricate mathematical equations, that help authenticate transactions.
Facebook is said to have been discussing the currency with global players in the crypto space as well as international regulators regarding the opportunity as well as related regulatory issues.
It is reported that Facebook will come out with a white paper detailing the basics of the new currency by 18 June. The cryptocurrency will be in the form of a coin or token, which can be transferred without any fee being charged, through Facebook apps.