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Facebook to Unveil Its Cryptocurrency This Month

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Jun. 6 2019, Updated 12:10 p.m. ET

Facebook’s cryptocurrency

According to a report from The Information, social media giant Facebook (FB) plans to launch its cryptocurrency to the public by the end of this month. The move will allow users to make transactions through the social media channel. Moreover, employees can also take cryptocurrency as their salary. Facebook is also reportedly planning to charge $10 million from each company to manage the nodes on its future cryptocurrency network, thus adding to Facebook’s revenues, which have been facing decelerating growth in the last few quarters. Facebook is planning to offer physical portals like ATMs, where users can buy the cryptocurrency, which is called GlobalCoin.

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Facebook emphasizing crypto-payments

The public launch of Facebook’s cryptocurrency this month follows reports that the Internet company is in talks with global payments providers including Visa (V) and Mastercard (MA) as well as other e-commerce companies and global regulators to offer a cryptocurrency-based payment method to its billions of users worldwide for its Project Libra.

Facebook’s crypto project is likely to use a digital currency similar to bitcoin that will allow its WhatsApp users to send money to one another through its messaging service. The project also includes rewarding users that interact with ads or other features of Facebook.

Last month, Facebook had reportedly registered a new company, Libra Networks, in Geneva and might seek to raise as much as $1 billion to fund the crypto project.

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