Facebook Cryptocurrency in Focus As Project Advances

Facebook Crypto

Social network giant Facebook has been making waves in recent months with several speculations regarding the launch of its cryptocurrency.  The fortune 500 company announced in December that it was launching GlobalCoin.

The announcement came as a surprise to the media but Facebook made it known that it had been exploring the potentials of cryptocurrency as far back as 2017.

Recruitment Frenzy

Since then there has been aggressive recruitment strategy by the company to build a team that would oversee the project.

This week, it was reported that Facebook had recruited Edward Bowles to join the team developing GlobalCoin. Bowles is a reputable figure in the financial sector as the former head of public and regulatory affairs for the Standard Chartered Bank.

He is expected to join Facebook in September to head the public policy section in the London Headquarters.  Bowles joins Nick Clegg the former head of the liberals in the UK as one of the high profile recruitments from Facebook in recent weeks.

Large Network of Interests

Several companies have already expressed their willingness to support Facebook cryptocurrency project. It has been reported by the media in the US that Visa, Paypal, Uber and Mastercard have expressed their interest in the project.

Facebook has also signed up over a dozen backers for the cryptocurrency with each backer required to pay $10 million as a commitment fee.  An initial attempt to get Wall Street involved had met with indifference from large corporations.

This commitment fee would enable the backers to be part of the governing body that would be in charge of creating policies for the cryptocurrency.

The crypto is expected to be integrated initially within the Facebook app messaging ecosystem which includes WhatsApp, Instagram and Facebook Messenger, after which it would be rolled out to a wider audience after successful testing.

With this momentum and interest in the project, analysts speculate that the Global Coin could become another massive success in terms of popularity when launched.

Author: Olowoporoku Adeniyi

cryptocurrency evangelist with five years experience in the blockchain industry

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