In a development that could be a game changer for the crypto industry, social media giant Facebook has been showing an increased interest in launching their own cryptocurrency and are in talks with Winklevoss’ Gemini, reports The Financial Times (FT).
According to the report published on 24 May, representatives from Facebook met with major United States-based crypto exchanges to discuss the issuance of its own crypto, known as the “Globalcoin” project. FT added that Facebook discussed the initiative with Coinbase, and has also talked with the Gemini exchange, led by the Winklevoss twins, who are the well-known rivals of Facebook’s CEO Mark Zuckerberg and were even involved in a lawsuit against him accusing him of stealing their idea for Facebook itself.
There have been reports of Facebook negotiating with many crypto-related and high-frequency trading firms like Jump and DRW to ensure that their long-rumoured stablecoin has an equal pegging with the United States dollar along with liquidity, market acceptability, and security.
There has been no information released from any of these companies, with the reports revealing that Facebook has required each one of them to sign a non-disclosure agreement. But there are rumours that Facebook’s cryptocurrency will not solely be focused on payments, as it will be “bigger and more open” for purchases on the platform. There are hints that Facebook plans to integrate Globalcoin with all of its applications — WhatsApp, Messenger and Instagram — and aims to deliver a massively exposed cryptocurrency project.
According to FT’s report, now only international and industrial regulations remain the biggest obstacle for Facebook in delivering the much-anticipated stablecoin. This news comes on the back of Facebook recently registering a new financial tech firm, Libra Networks LLC, in Geneva, which will offer financial services such as payments, identity management, financing, big data, data analysis, and blockchain.
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