Facebook’s radical Bitcoin-beating cryptocurrency plans revealed

Facebook’s radical Bitcoin-beating cryptocurrency plans revealed

Facebook, the social media giant that has been lurching from crisis to crisis in recent years, is gearing up to unveil its bitcoin-beating new cryptocurrency GlobalCoin later this month, according to reports.

Ahead of the announcement, it’s been reported Facebook will cede control of the bitcoin rival to “an independent foundation” in an effort to both deflect accusations of centralization and soothe financial regulators.

Facebook has been working with financial and technology companies in recent months to build support for its planned rival to bitcoin, it was first reported by tech news outlet The Information, citing people briefed on Facebook’s plans.

The bitcoin-esque cryptocurrency, which has been linked to a Facebook project codenamed Libra, is expected to be aimed at developing countries where traditional currencies are less stable and will function as a “borderless currency,” according to The Information’s report.

Facebook’s bitcoin rival will likely be a so-called stablecoin, pegged to the U.S. dollar, and is expected to be integrated as a payment tool on Facebook’s popular messaging apps WhatsApp and Messenger, and photo-sharing app Instagram.

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