Altcoin News: Facebook Officially Announces That Will Launch Its Own Cryptocurrency until the End of the Month

June 6, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Facebook is preparing to launch its cryptocurrency this month, writes The Information portal. Along with this, social network employees will be given the opportunity to receive a salary in the new cryptocurrency.

A specialized structure will be created to manage the project, writes The Information. Developers are associated with dozens of financial institutions and technology companies whose resources will be involved in the process.

According to the source, the company attracts third-party organizations to perform the function of nodes in its new network. For this opportunity, applicants, presumably, will have to pay up to $10 million. Successful candidates will be able to nominate one representative each in the project unit.

The decentralized Facebook network is expected to include 100 nodes in its launch phase, which will allow the company to raise $1 billion as a license fee. Earlier, independent sources reported that the company is targeting precisely this amount in order to finance its project. The licensing fees will then be used to provide cryptocurrency, which is likely to take the form of a stablebcoin, using a basket of foreign currencies and low-risk securities issued in various countries.

Facebook can also set up terminals where users can purchase assets issued by Facebook for fiat currency. It is assumed that the new cryptocurrency will be used in the company’s own ecosystem, including applications such as WhatsApp, Messenger, and Instagram. In addition, it can be used by third-party subjects of trading activity as a payment mechanism.

The Information claims that Facebook CEO Mark Zuckerberg personally has an interest in the project, while the operating and financial directors are skeptical.

Also this week, it became known that Facebook talks with the Commodity Futures Trading Commission (CFTC) of the United States about the possibility of stablecoin-based derivative instruments.

Author: Marko Vidrih