- A company official has mentioned a June 18 whitepaper launch
- TechCrunch Magazine has been given a June 18 news embargo
- The official launch of the coin could be in 2020
Facebook might finally be ready to reveal the finer details of its cryptocurrency dubbed GlobalCoin. The social media giant is scheduled to release a whitepaper on June 18, 2019, explaining the basics of its cryptocurrency.
Wait Until June 18th
Talking to German Magazine WirtschaftsWoche‘s Sebastian Kirsch, Facebook’s Head of Financial Services & Payment Partnerships for Northern Europe, Laura McCracken gave the June 18th date for the launch of the whitepaper saying the Globalcoin would be pegged to several currencies as opposed to a single one like the US dollar to protect it from price fluctuations. Kirsch met Laura at the Money 2020 Europe in Amsterdam and reports:
“She told me that she wasn’t involved in what David Marcus’ [Facebook Blockchain] team was doing. But that I’d have to wait until June 18th when a whitepaper was supposed to be published to get more details.”
Targeting 2020 Formal Launch
TechCrunch magazine reports that Facebook’s blockchain team has offered it a news embargo for June 18, 2019, chances being they are planning to make the big announcement. The team is led by the former president of PayPal who is now Messenger Vice president David Marcus besides the former Instagram Vice President Kevin Weil and former Facebook head of treasury operations Sunita Parasuraman.
While Facebook hasn’t officially commented on the cryptocurrency project, sources say it’s because the tentative date could change if issues arise with partners or governments. Other sources told TechCrunch Facebook was targeting 2020 for a formal launch of the eagerly awaited cryptocurrency.
Facebook appointed former PayPal executive David Marcus sometime last year to spearhead the company’s blockchain ambitions. Several outlets have reported ever since that the company was building its own cryptocurrency, with which users will be able to store, trade and exchange for fiat currencies. The digital currency is expected to work in part through messenger and WhatsApp with reports showing the social media giant will install physical ATM-like machines through which users can buy the cryptocurrency.
Diversify Its Revenue Stream
The successful launch of the cryptocurrency will create an easy way for the over 2 billion Facebook users to pay for goods and services and exchange money between countries. This could help the company diversify its revenue stream to beyond advertising, from which it generates nearly all its revenue.
Facebook’s ad model has in the recent past been subject to criticism from lawmakers, privacy advocates and the press for the way it collects and uses the detailed information of its users. Last February, Facebook came close to admitting it was implementing a blockchain project when it stated:
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology […] this new small team is exploring many different applications.”
