Facebook is also reportedly enticing merchants to accept GlobalCoin by offering sign-up bonuses, not to mention also installing ATMs where people can buy and sell the Facebook cryptocurrency. However Facebook COO Sheryl Sandberg and CFO David Wehner are skeptical about the initiative according to reports. By introducing a level of decentralization to the governance of the project, Facebook may be able to avoid regulation related to it holding too much power over a global currency.
Moreover, the report outlines that Facebook is going to reach out to third-party organizations for them to act as validator nodes, charging $10 million for the privilege.
The project is now at the stage of development of cryptocurrency, to help many Facebook users quickly and with convenience, make an online purchase and transfer money.
The Information's report also suggests that Facebook may unveil its cryptocurrency and white paper later this month.
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TechCrunch magazine reports that Facebook's blockchain team has offered it a news embargo for June 18, 2019, chances being they are planning to make thebig announcement. Facebook has also opened a company in Switzerland called Libra Networks that will function within the realm of "financial services", according to Reuters.
At the initial stage, the decentralized network of GlobalCoin will consist of 100 nodes, which will allow Facebook to raise at least $1 billion for the project development. The social media giant has solicited a number of technology companies and financial institutions to join an independent foundation to set and enforce rules for the new currency. It got a couple of names like Libra and GlobalCoin.
Facebook itself could benefit from the move as it'll allow it to diversify beyond advertising, which now makes up almost all of its revenue.
Later in May, Facebook started hiring for its cryptocurrency-based payments on its platform that has 2.38 billion users.