Facebook Coin was originally designed as a currency for purchasing services and goods via Facebook’s WhatsApp messenger system. The social media platform was also developing the “Libra Network” that would let users buy products through or from other merchants featuring Facebook login options.
Facebook is seemingly discontented about being merely a social media platform and is constantly finding ways to push the boundaries and perhaps solidify its presence within the tech space. Facebook Coin will be a “global coin,” therefore, it can be utilized in various nations worldwide without the risk of inflation, volatility, or other issues.
Facebook is looking to begin testing the coin by year’s end, with some countries utilizing it by 2020. Not much has been revealed regarding the coin’s specific properties aside from the fact that it will be a stable currency. It would be tied to the USD, so individuals who utilize it may expect to avoid the price swings usually experienced with mainstream cryptos like Ethereum, Bitcoin, and Bitcoin Cash.
Further details about the technical prospects of the currency are expected to come out this summer.
Facebook has been developing the coin since last December when it started building its new blockchain division. It is working quickly despite several executives leaving the company in recent months and the Cambridge Analytica scandal which has arguably tarnished its reputation.
It is concentrating more on a privacy-oriented structure and shifting its attention to digital currency. Upon revealing Facebook Coin, the company has sought more than $1 billion in funding from tech investors as well as consulted with The Social Network’s Winklevoss Twins.
This is an area in which the Gemini exchange creators probably know better than Zuckerberg. The Twins have rich experience and knowledge to pass on.
The announcement of Facebook Coin’s global status had a positive impact on several major coins. Bitcoin climbed by 5%, trading for only under $8,000. Ethereum and Litecoin are also up 7% and 11% respectively.