Facebook Officially Confirmed Their Coin, White Paper To be Out This Month

Meeting O. Progress || JUNE 7, 2019

The social media giant Facebook has officially confirmed the launching of their rumored stablecoin in a report by WirtschaftsWoche earlier this week.

This was confirmed by Laura McCracken, Facebook’s head of financial services and payment partnerships for Northern Europe when talking to German business magazine  WirtschaftsWoche earlier this week at a trade conference in Amsterdam, confirmed that the planned stablecoin will not be tied to any single fiat currency, but will instead be linked to a basket of currencies in order to prevent volatility.

He also added to recent reports that GlobalCoin would be revealed later this month, saying that a white paper for the token would be published on June 18.

This confirmation is coming after reports listing some of the executives said to be working on the effort which includes; David Marcus. Marcus served on the board of cryptocurrency exchange and wallet service Coinbase until recently, and previously worked as the president of PayPal.

Tomer Barel who previously worked about nine years with PayPal and joined the Facebook project in May 2018, and host of others.

Facebook may further set up physical portals for users to purchase the cryptocurrency, as well as charging third parties as much as $10 million for the privilege of supporting the network as nodes, according to TheInformation.

In another report by Russian news site RBC on Thursday says that head of oil firm Rosneft, Igor Sechin, told the St. Petersburg Economic Forum that Facebook’s cryptocurrency could possibly be used in oil transactions “in the near future.” Sechin, however, seemed to be talking generally about how big U.S. tech firms like Google, Apple and Facebook are making moves into the energy industry.

He added the skeptical note:

“At the same time, someone might get the illusion that technology giants will make the energy market fundamentally more transparent and efficient, becoming a panacea for solving the acute problems of modern times.”

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