New Crypto on the Block - Facebook Ready to Launch

Some of the biggest names on the internet have bought into Facebook’s plans to launch a cryptocurrency; Booking.com, Uber, Visa, PayPal are likely to act as nodes in the blockchain, expected to be launched 18th June

New Crypto on the Block - Facebook Ready to Launch

The financial and tech worlds are anticipating the launch of Facebook’s crypto currency, due tomorrow 18th June. Rumours stepped up a notch about the launch last week and a list of investors has made its way on to the internet.

Some of the biggest names on the internet have bought into Facebook’s plans to launch a cryptocurrency. For a US$10million investment, companies such as Booking.com, Uber, Visa, PayPal are likely to act as nodes in the blockchain – able to authorise movements of payments around the internet.

At a developer conference in April Mark Zuckerberg said, “I believe it should be as easy to send money to someone as it is to send a photo.” Long on the side lines of financial markets, this is the first truly mainstream adoption of blockchain and crypto currency technology.

Seemingly keen to shed the volatility and niche appearance of coins like Bitcoin and Ethereum, which can fluctuate wildly, the new coin from Facebook with be pegged to the value of fiat, or real, currencies. Bitcoin hit nearly US$20,000 per coin in December 2017 and is currently trading at around US$7,00-8,000.

The name of the newest cryptocurrency is yet to be confirmed, with GlobalCoin and Libre being mooted. It is expected to run primarily on Facebook’s Messenger app and is likely to play a big role is the Marketplace part of Facebook proper, facilitating payments without the need for card details.