Facebook has revealed that it will launch its 'GlobalCoin' cryptocurrency as it cements its ambitions in the digital currency and payments sphere. The company said on Tuesday that it would be launching a new type of virtual currency, called ‘Global Coin’, which is designed to work with existing payment systems such as Visa or MasterCard. To avoid the price swings associated with other cryptocurrencies, the coin is expected to be pegged to established currencies, such as the dollar and euro. Researches have suggested 30 million of Facebook's 2.4 billion monthly members use cryptocurrencies. The company will also have to navigate a myriad of regulations in the countries it wants to launch in. Facebook recently launched its blockchain-focused fintech firm Libra Networks in Switzerland.
Facebook has revealed that it will launch its 'GlobalCoin' cryptocurrency as it cements its ambitions in the digital currency and payments sphere. The company said on Tuesday that it would be launching a new type of virtual currency, called ‘Global Coin’, which is designed to work with existing payment systems such as Visa or MasterCard. To avoid the price swings associated with other cryptocurrencies, the coin is expected to be pegged to established currencies, such as the dollar and euro. Researches have suggested 30 million of Facebook's 2.4 billion monthly members use cryptocurrencies. Facebook recently launched its blockchain-focused fintech firm Libra Networks in Switzerland.