Facebook has become a billion-dollar company by always adapting the latest technology and developing it on its own. The company founded by Mark Zuckerburg has bought even WhatsApp and Instagram and taken them to the next level. Facebook is now looking at Cryptocurrency as its latest venture.
After the success of bitcoins, big names are developing their own virtual currency. Here are all the details you need to know about Globalcoin, the cryptocurrency from Facebook.
How will Globalcoin work?
According to news reports, Facebook is working hard on its new cryptocurrency Globalcoin and will launch it soon. It will be different from other companies dealing with digital payments as the users won’t require a bank account to use it.
Facebook users will be able to change dollars or any international currency into digital coins called Globacoins. By using the Globalcoins, you would be able to buy things on the internet, make payments and transfer money.
The WhatsApp connection
WhatsApp has introduced the option to link your UPI accounts with your WhatsApp number to transfer money. But given the complex process, loads on server and already established other Apps, it was not a success. It looks like Facebook is going to change this scenario with the launch of Gloabalcoin.
As per the reports, Facebook is working on a project that will integrate the digital currency with the mobile app of WhatsApp on Android and iOS phones. Mark Zuckerberg himself has confirmed it by saying that his plan is to make money transfer in mobile as easy as sending a photo.
Facebook has planned some great things to make Globalcoin popular among users. It is rumored that Facebook will give a part of their digital currency to viewers who watch ads on FB as a way to earn their trust. Facebook is already in talks with the US Treasury about its digital currency and explained how it will reduce money laundering.
Given the high revenues and the huge world market, their plan is to release it as soon as possible. If everything goes right, Facebook could launch its digital currency, Globalcoin at the start of the year 2020.