Facebook Cryptocurrency Project To Be Announced This Month: Report

A new report is viral in the coming altcoin news, showing that the dominant social network is ready to officially unveil its crypto project this June. As the report notes, the Facebook cryptocurrency project will also allow employees to take part of their salaries in the coin, as CNBC reported on June 5.

The Facebook cryptocurrency project has been a hot topic that was re-shared on many best cryptocurrency news sites over the past couple of months. This time, CNBC cites a report by The Information and states that Facebook plans to cede control of the cryptocurrency to outside parties in order to ensure that the digital asset won’t be entirely centralized.

However, third party organizations will allegedly pay as much as $10 million dollars for the opportunity to act as nodes – and validate transactions – in the network which will include Facebook’s native token. The rumored Facebook cryptocurrency project is actually a stablecoin which will purportedly be integrated in the form of a payment tool on WhatsApp, Messenger and Instagram.

Reports in the altcoin news show that the messaging apps (WhatsApp and Facebook Messenger) as well as the sister company of Facebook, the popular social media network Instagram will all be aided by the Facebook cryptocurrency project – which will also be accessible through physical ATM-like machines, according to The Information.

The Facebook stablecoin has been a topic of much speculation. It seems like the project was featured in the latest cryptocurrency news every week – and as it seems – this is happening again. Since Facebook revealed only a little about their cryptocurrency project, there was a lot of buzz on many sites.

Earlier this week, for example, the Financial Times reported that the United States Commodity Futures Trading Commission (CFTC) is in active talks with the social media giant about the Facebook cryptocurrency project.

In May, Facebook also acquired the “Libra” trademark for this secret project. At the time, sources familiar with the matter claimed that Facebook was recruiting financial firms in order to develop the coin – and that the project name will be Libra. Later that month, Facebook also registered a new financial tech firm called Libra Networks LLC in Geneva, Switzerland.