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It has just been reported by CNBC that social networking giant Facebook will be officially announcing the creation of its own crypto, to be known as GlobalCoin, later this very month.
Chepicap has previously discussed the upcoming Facebook cryptocurrency and what it may look like, but it sounds like we'll be finding out even more pretty soon. Though no date is given, a new report has announced that Facebook will make a public reveal of the coin before the month of June is out.
It was also revealed that the company will allow for employees to be paid in the new currency, though it isn't clear what avenues will be available for exchanging the coin, or what services will accept it. That being said, it is safe to assume that, if nothing else, some of the major exchanges will support it. Facebook has also revealed that it plans to rollout ATM like machines for the purchase, and presumably sale, of this coin.
One further intriguing tidbit about GlobalCoin is that apparently Facebook is reaching out to third-party companies to run the "nodes" of this network. For reasons that are hard to fathom the company is apparently planning to charge $10 million for the "privelege" of running one of their nodes. Meanwhile, a Bitcoin node can be run by anyone for basically just the cost of hardware and electricity.
It is at this time unclear what kind of reception Facebook can hope to get with this endeavor. On the one hand, the pre-existing crypto community will likely upfront reject this new coin for the obvious reasons of centralization and privacy. On the other hand, only a sliver of Facebook's 2 billion users probably overlap with anyone who considers themselves "serious" about crypto.
Will this project take off and replace Bitcoin? Or will it be a misguided attempt? Or maybe it finds a niche in the market? Stick with Chepicap for all updates!