According to a report by Business Insider released earlier today, Facebook is currently on schedule to launch it’s Native token in the first quarter of 2020. Facebook’s powerful market position has allowed them to progress at an accelerated rate towards the launch of their dubbed ‘GlobalCoin’. Zuckerberg has also allegedly met and conversed with the Winklevoss twins for the first time in many years.
Zuckerberg and the Winklevoss Twins
Recent intel informs us that the spat between Zuckerberg and the Winklevoss Twins may finally be over. Once former classmates at Harvard University, the Winklevoss twins once filed a lawsuit against Zuckerberg under the claim that he stole their idea for a social network. But all hard feelings about fame and glory have subsided since the Winklevoss twins became billionaires after investing in Bitcoin early in the game.
For over a year now Facebook has been working on creating a native currency for it’s platform. What better way to bond the Bitcoin billionaires and the social media giant, then combining the two together? Nothing I think. The Winklevoss twins founded Gemini, one of the worlds leading digital asset exchanges, back in 2014. Last year they got approved by the SEC to launch the GeminiDollar stablecoin. (a token tied to the value of the US dollar)
Now, Zuckerberg trails in their footsteps as Facebook is racing to launch their own native token by joining forces with the Winklevoss twins.
The covert Facebook operation names ‘Project Libra’ has been underway for a little over a year now. The mission? To launch a Facebook native token that’s capable of being used in transactions across the internet. Very little is largely know about this operation with Facebook only publicly stating that it’s “looking for ways to leverage blockchain technology.”
According to BBC, Facebook has officially founded Libra as a startup Fintech company in Switzerland sometime last week. This signifies Facebook’s determination to switch over into the financial services industry and push for the mass adoption of crypto on a global scale. With a roster of 1.5 billion active users, Facebook’s power is unparalleled.
According to Market Insider, Facebook has already held official meetings with major financial powers including Visa, Mastercard, First Data, and the UK’s central bank. It is also reported that Facebook has approached numerous eCommerce sites regarding their GlobalCoin. Globalcoin will offer business the freedom of zero transaction and card processing fees compared to traditional methods. Facebook’s proposed digital checkout would allows for virtually any eCommerce site to accept their token on their platform.
Previous articles suggested that Facebook was developing a token to allow Whatsapp users to exchange value via the app. Over the past month we have become enlightened that the reality is much bigger than just Whatsapp. Facebook is aiming to utilize and monetize it’s power further as it progresses towards the financial industry.
But is this a good thing?
Over the past year Facebook has come under intense fire from the media many times regarding multiple privacy scandles. Privacy has become a near impossibility on the Facebook platform which was highlighted when Facebook purchased 87 million users private data from Cambridge Analytica last year. Facebook has also been reportedly buying and selling data with a number of other data companies. So how willing are you to trust Facebook with your private financial information?