A report in The Information has revealed that Facebook will announce its cryptocurrency later this June, allowing the employees to take their salary in the form of the new currency.
Facebook plans to cede control of its forthcoming cryptocurrency to outside backers, a move meant to encourage trust in the digital payment system and reassure financial regulators.
In recent months, the social network has courted dozens of financial institutions and other tech companies to join an independent foundation that will contribute capital and help govern the digital currency, according to people briefed on the plan.
The digital token, which Facebook is expected to unveil later this month, is designed to function as a borderless currency without transaction fees and will be aggressively marketed in developing nations where government-backed currencies are more volatile, the people said.
Since 2018, several outlets have reported that Facebook has been building its own digital currency, and users will be able to store, trade, and exchange for regular currency, in part through Facebook apps, such as Messenger and WhatsApp. The report suggests that Facebook is planning physical ATM-like machines where users can buy the currency.
The report says the company is soliciting third-party organisations to act as ‘nodes’ to help manage the cryptocurrency. Cryptocurrency nodes contain the computing power necessary to resolve complicated mathematical equations, which are used to validate transactions. Facebook’s goal is to create a foundation with named partners to help manage its currency, as reported.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
