There has been a lot of talk about the top secret project that Facebook has been working on to create their own cryptocurrency. The social media giant has been very good at keeping the details of the project a secret for the most part. The only details that were known up until now involved Facebook talking to several large banks in order to get the needed financing for the project. Now it appears that more details about the project are slowly leaking out little by little. The name of the cryptocurrency will be called GlobalCoin and it will be released next year.
Facebook has downplayed the project several times. A spokesperson has said that only a few people are involved in the project. They are mainly looking at ways that Facebook will be able to use blockchain technology to their benefit. They have not said if the new GlobalCoin will be open source. They have also not revealed if it is going to be based on a blockchain technology that has already been created. There is no question that Facebook wants to keep as many details about this project under wraps as much as possible before the launch.
Cryptocurrency has existed in the shadows since it was created. It has not yet been embraced by mainstream companies because of its use by criminals and terrorist organizations as an anonymous form of payment. However, Facebook has more than 2.3 billion users. This means that a huge percentage of the world’s population will be exposed to cryptocurrency whenever GlobalCoin is officially launched. There will be many people who will learn about cryptocurrency solely because Facebook is involved with it. This would be enormous for the entire cryptocurrency industry as a whole. There are some countries like India that are talking about banning cryptocurrency completely. Facebook becoming involved with it could change India’s thinking on this issue.
Facebook is rumored to be developing the cryptocurrency as a way for their global users to make payments quickly and securely. There were rumors that Facebook was going in this direction several years. ago. However, the project took much longer to get underway than many people in the media thought it would. The financial backing issue will be a huge one. It is believed that Facebook is seeking $1 billion in backing. A company as big as Facebook usually would not have a hard time finding these funds.
