- According to a report by The Information, Facebook will announce their new token this month
- The tokens will be offered as salaries to employees
- They will also be purchasable via physical ATMs
Among the many upcoming cryptocurrency-related projects, the Facebook one is perhaps one of the most anticipated ever since rumors of its launch began spreading in late 2018. Details about the upcoming token have been closely guarded though there have been rumors about its implications for third world countries as well as where it will stand with regards to existing crypto regulations.
Now some information seems to have come to light via a June 5, 2019 report which claims that the cryptocurrency will be announced this month, right at the end of the first half of 2019.
New Details Revealed
Far from a small pet project, it seems Facebook is going all in with the cryptocurrency and it is rumored that employees who work on the project will be able to accept their salaries in form of this new currency according to The Information.
This project has certainly been a good while in the works as last year Facebook began putting together a dream team which includes several former PayPal executives to develop the coin which will allegedly be tradeable through Facebook platforms such as WhatsApp and Messenger.
However, if any of the currently available details are to be believed, the token will not be limited only to online platforms as Facebook is planning to open physical ATM-like machines where the token can be bought in exchange for fiat currency. It could also help Facebook move away from its controversial advertising history.
Currently, ads account for half of all Facebook revenue but they have come under fire for their handling of ads as well as their mishandling of user data as revealed by the 2018 Cambridge Analytica scandal. Should Facebook successfully introduce the coin to its 2 billion users, it could, overnight, become the most used cryptocurrency in existence as well as usher in a new dawn of visibility and adoption for cryptos as a whole.
Facebook will reportedly make use of third-party organizations who will act as nodes to help manage the cryptocurrency and is reported that they will be charged $10 million for this service.
No official word was given by Facebook’s representative but it is clear that official details will be given to the public in due time.