Facebook’s GlobalCoin Plans for June Release

Global Coin

Facebook, the social media giant, is preparing the release of its “bitcoin beating” new cryptocurrency Global Coin later this month. Facebook will also be relinquishing control of its upcoming cryptocurrency to external companies. The bitcoin-like cryptocurrency is expected to be aimed at developing countries where traditional currencies are less stable and will function as a "borderless currency,"

Global coin will be integrated as a payment tool on Facebook's popular apps like WhatsApp, Messenger, and Instagram. People will also be able to buy the digital token through physical ATM-like machines, while Facebook employees working on the project will be able to take their salary in the new currency.

Facebook is reportedly going to charge firms $10M to run a node for the GlobalCoin network and plans to allow all node operators to have a representation in the independent company. However this new coin certainly won’t be as decentralized as Bitcoin.

The bitcoin price failed to react strongly to the latest Facebook cryptocurrency news