Facebook's "GlobalCoin" In Talks With Coinbase and Winklevoss Twins.
According to a Financial Times report Facebook has held talks with major United States-based crypto exchanges about the issuance of its own crypto, namely Coinbase and the Gemini exchange owned by the Winklevoss twins.
Interestingly, Winklevoss twins are known rival of Mark Zuckerberg with Facebook's creation. In fact, it is common knowledge that Facebook paid the twins $65 million to settle its claim that Facebook stole that idea from them in creating the social network platform. It all seems water under the bridge as Mark Zuckerberg is reaching out to them for their connections and experience with Bitcoin and stable coin.
Facebook is rumored to launched its own crypto "GlobalCoin" 1st quarter of 2020 in “a dozen countries” and is looking to start trials by the end of this year. They have so far meeting with different regulators as it is expected to be the biggest hurdle in launching this payment platform.
As David Yermack, professor of finance and business transformation at the New York University Stern School of Business said: "There is a huge opening for social media companies to move in and take a big part of the banking business,” “They have an advantage due to their customer bases and the frequency with which people use them. [But] the main challenge is regulation.”
For more of this news, please visit:
https://www.coindesk.com/facebook-to-roll-out-globalcoin-cryptocurrency-in-2020-report-says
https://www.ft.com/content/0207778c-7d62-11e9-81d2-f785092ab560
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