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The wait might be finally over! Okay, not today. Not tomorrow either. But, sometime in the near future. The Information reported that Facebook is finally ready to unveil its crypto stablecoin dubbed Globalcoin.
The digital coin, which according to the report is scheduled to be launched later this month, has been in the pipeline for about a year now and it is finally ready to hit the markets. To introduce the cryptocurrency to the world, the social media giant plans on giving the option of paying every worker in its blockchain unit with the crypto coin as salary for this month.
The stablecoin is proposed to aid the transfer of funds easily across borders in the virtual world. Allowing over 2 billion of people (!) on the platform access to cross-border transactions is a good move by the company. This will go a long way to help revive the platform after the negative reputation hit with which it has been struggling recently.
Besides Facebook ads (the main source of Facebook’s profits), Globalcoin is likely to account for a huge trunk of the platform’s revenue, as it can potentially draw billions of people from across the globe.
The social media giant also plans to launch physical Globalcoin machines that work in the same way crypto ATMs do. These machines will make it easier for consumers to buy the stablecoin without much of a hassle. So, users can buy, sell, and store the virtual coin through WhatsApp and Messenger and also enjoy the opportunity to buy the coin through the ATM-like machines.
Major Preparations for the Launch of the Stablecoin Globalcoin
I think it is safe to say that Facebook’s boss, Mark Zuckerberg, came prepared this time. Report has it that he has met with a number of financial regulators, crypto exchanges, and merchants – all in preparation for the launch of the Facebook Holy Grail.
To curb its major challenge at the moment, gaining the trust of the people, Facebook is reportedly in bed with some third-party organizations whose job is supposedly to hold the stablecoin. These third-party organizations will act as nodes on the blockchain, each responsible for a slew of transactions.
Indeed, this will go a long way to help restore the faith of the people in the platform. Since the announcement of the coin, the issue of trust, stemming from the ongoing privacy breach, has caused great concern among enthusiasts and financial regulators too. Spreading Globalcoin across trusted third-party companies is very reassuring. In this optimistic scenario, users do not have to worry about the credibility of Facebook anymore, as the social media giant will only act as the face of the coin.