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Facebook Moves Its Crypto Project Launch To 2020

17 Jul 2019

As we have known for a while now, Facebook is working on its own cryptocurrency project, Libra and its own coin, GlobalCoin.Last time, when we had reported on the project, we had said, that there was possibility and indication that Libra and by extension, GlobalCoin would be launched sometime this month.While we weren’t completely sure, we had cited news portal Tech Crunch who at the time had said that they had confirmed the information from multiple internal and external sources. In the past there were reports that the project won’t be unveiled before 2020, but now we’re hearing that it’s coming in 10 days.The date had also been confirmed by Facebook’s Head of Financial Services and Payment Partnerships in Northern Europe, Ms. Laura McCraken. Earlier this month in an interview given to German financial magazine Wirtschaftswoche, she had said that Facebook’s cryptocurrency is coming out this month, and it will be backed not only by US dollars but by a basket of fiat currencies.However, now another news portal Irish Times says that the cryptocurrency will be launched sometime next year. While, the inconsistency is frustrating, to be fair, 2020 seems like a more probable date, than June 18, 2019.The social media’s project has definitely grabbed a lot of eyeballs and attracted the attention of many deep-pocketed investors. As we had previously reported, some of the companies have formed a consortium to govern the digital currency, known as GlobalCoin, and each has invested $10 million in the social media giant’s project. These companies, include some eminent names such as Mastercard, PayPal and Uber.While other companies such as Stripe, Booking.com, and MercadoLibre are reportedly a part of the project, Wall Street Journal had not specified their roles in the project.Liked what you read? Join us on Telegram

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