Economy

Facebook Coin to be Unveiled in June, 'Nodes', ATMs Coming

Facebook Coin to be Unveiled in June, 'Nodes', ATMs Coming”

The cryptocurrency, under Facebook's "Project Libra", is reportedly aimed at allowing Facebook's global users to transfer money across borders and to make online purchases. The news about Facebook working on a digital currency took the internet by storm after it hired former PayPal executive David Marcus, who was roped in to explore the blockchain and crypto realms for the company.

It appears we will not have to wait much longer for Facebook to unveil its long-awaited cryptocurrency.

Almost 30 open blockchain roles are listed on the Facebook careers page.

Facebook has been accelerating the roll-out of its awaited cryptocurrency, likely to be called 'GlobalCoin.' To avert the eyes of skeptical regulators, the social media giant will be creating an "independent" foundation responsible for monitoring the GlobalCoin Network.

Now, it's important to understand that nodes do the work on the network in order to profit.

Even though WhatsApp Payments was launched in India a year ago in beta phase, it's yet to receive clearance from the Indian government to become fully operational. "And that public infrastructure could be incorporated onto all the Facebook platforms, which of course are proprietary".

It adds Facebook is looking for third-party organizations to act as "nodes" to help manage the cryptocurrency. The company would would charge licensing fees said to be $10 million per partner.

Still, Facebook claims that the aim of launching the crypto network is largely humanitarian.

So far, the project-whether its goals be humanitarian or capitalistic-has garnered an impressive roster of C-level executives. He also served on the board of virtual currency exchange and wallet service Coinbase. Understanding what is being bought and by who, could significantly help Facebook in ad measurement, ranking, and targeting, therefore significantly increasing its core business and revenue streams. " CEO and founder Eric Nakagawa, Facebook's data science head Raaid Ahmad, Facebook data engineering manager Govind Asawa, Building 8 head of finance Oliver Gratry, and Instagram's Susan Portalupi".



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