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Facebook’s GlobalCoin will Launch in 2020
Michael K. Spencer May 24
Facebook’s pivot from advertising to a more privacy-focused community will feature among other things a blockchain based payments play.
Facebook really does think we are global family, after all.
Here comes GlobalCoin.
That’s the name of digital payments system that Facebook plans to deploy in “about a dozen counties by the first quarter of 2020,” according to a report Friday (May 24) from the BBC.
It’s truly going to be incredible. Testing will start this year, however it’s likely to first launch in a place like London, UK.
Interestingly Facebook is expected to outline plans in more detail this summer, and has already spoken to Bank of England governor Mark Carney.
So apparently, Mark Zuckerberg is a man with a cryptocurrency plan. The Project Libra team really wants to realize PayPal’s original vision with the 2.38 Billion global citizens they have captured in Facebook’s reach, and more if you count the different penetration of apps like WhatsApp and Instagram that are popular in some surprising places.
Can GlobalCoin Disrupt Crypto?
For Facebook to get into payments makes sense, before cryptocurrencies or the Lightning Network is up and running properly. They basically want to monetize all of those users after taking their data, sharing it with their friends and making brands believe Facebook was the only and best play to do targeted ads to consumers.
Inside Facebook, the cryptocurrency is reportedly being called “GlobalCoin,” which not only hints at the company’s, well, global aims but sounds a bit like something Zuckerberg would say, a character who wears a lot of different hats in his own company, including CEO and chairman of the board.
Facebook has also sought advice on operational and regulatory issues from officials at the US Treasury. So it’s looking like stablecoins in walled gardens are going to eat up the world! Long live the era of subscriptions and paying for things with crypto, I guess?
Zuckerberg doesn’t think it’s the right time to break up Facebook. As if it’s not powerful enough, right? On top of seeking advice from banks, Facebook also reportedly called up Zuckerberg’s old pals the Winklevoss twins, who founded the Gemini cryptocurrency exchange.
Facebook will attempt to throw a lot of $ to legal proof, lobby and push its payments product, that will make a centralized global chat that much more monetizable. It’s all crystal clear what Project Libra and a GlobalCoin owned by Zuckerberg would try to accomplish.
Facebook wants to monetize WhatsApp better, and a GlobalCoin could create quite the peer-to-peer mechanism, especially in places where people don’t necessarily have access to bank accounts.
The Arrival of GlobalCoin is going to be Epic
This GlobalCoin appears to be Facebook’s attempt to create a digital currency that provides affordable and secure ways of making payments, regardless of whether users have a bank account.
The social networking site, which owns WhatsApp and Instagram, is hoping to disrupt existing networks by breaking down financial barriers, competing with banks and reducing consumer costs. So this isn’t just a threat to crypt, it’s a real threat to Square, PayPal, Stripe, Venmo, Zelle, Transferwise (the biggest FinTech startup in Europe), and so many others.
Whatever you think of Facebook’s “family of apps”, GlobalCoin is coming and it will be to make even more money off of your data, interactions, friends and shopping preferences. It’s so great to live in such a globalized world. GlobalCoin might free us from inconvenient methods of sending, sharing and accumulating digital assets for our online activities.
The currency will need to overcome numerous technical and regulatory hurdles before it can be launched. However, Facebook has a proven track record of duping regulators, deceiving consumers and defrauding businesses via its digital Ads monopoly, so I’m pretty sure it’s going to be okay.
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Michael K. Spencer
Medium member since Apr 2018Blockchain Mark Consultant, tech Futurist, prolific writer. LinkedIn: michaelkspencer
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Not sure what you meant here. That FB has enough $$ behind global coin to make it a truly global payments system?
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MORE INFO ANNOUNCEMENT
Global Coin Research x The Information Conference Call- On Facebook’s Cryptocurrency Announcement
As you may know, when you become a premium subscriber to Global Coin Research, you get complimentary access to The Information’s insightful, quarterly cryptocurrency conference calls. Don’t miss the upcoming call from the team on Facebook and its cryptocurrency announcement ahead of its launch
An Analysis: Facebook’s Cryptocurrency Announcement
Join The Information reporters Alex Heath and Jon Victor and other special guests for an analysis of the announcement of Facebook’s new cryptocurrency on the expected day of the announcement. 
Become a premium member now and get immediate access to the call. You’ll also get access to all the Global Coin Research resources and analyses including access to future event discounts and the most important crypto information about Asia delivered to your inbox.
Alex and Jon broke major details of the initiative last week, which you read about here. We have share part of the article below as well.
This call will analyze the full announcement and answer questions, including:
- What does the new project mean for the entire crypto industry and competitors?
- Will we see other big tech companies enter the crypto fray?
- How will the project affect Facebook’s business. What should FB investors think?
- How will the project affect regulatory scrutiny of Facebook?
From the team that brought you:
- These 6 bold predictions for crypto in 2019
- Detailed organization charts for Facebook, Facebook’s Policy and Communications arm, and Coinbase
- Last week’s exclusive scoop about Facebook’s secretive cryptocurrency plans
WHEN
Tuesday, June 18, 2019
10:00 am PT – 10:45 am PT | 1pm ET-1:45 ET
WHERE
Conference Call -All subscribers will receive dial-in details 30 minutes prior to the call.
HOWBecome a premium member now and get immediate access to the call. You’ll also get access to all the Global Coin Research resources and analyses including access to future event discounts and the most important crypto information about Asia delivered to your inbox.
Facebook Plans Outside Foundation to Govern Cryptocurrency
By Alex Heath and Jon Victor
Facebook plans to cede control of its forthcoming cryptocurrency to outside backers, a move meant to encourage trust in the digital payment system and reassure financial regulators, The Information has learned.
In recent months, the social network has courted dozens of financial institutions and other tech companies to join an independent foundation that will contribute capital and help govern the digital currency, according to people briefed on the plan. The digital token, which Facebook is expected to unveil later this month, is designed to function as a borderless currency without transaction fees and will be aggressively marketed in developing nations where government-backed currencies are more volatile, the people said.
While the token will be mainly visible to users through Facebook’s suite of apps, including Messenger and WhatsApp, the company is also planning ways for the token to be used for payments in the physical world. Facebook plans to offer sign-up bonuses to users in partnership with merchants, who will accept the cryptocurrency as a method of payment in stores, the people briefed on the plan said. The company also plans to offer physical terminals similar to ATMs where people will be able to exchange other currencies for the token.
Read the rest of the article here.
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▲ 11 2 responses Michael K. Spencer May 24
I was trying to say that Facebook will throw a lot of money at the problem to make sure that this gets implemented with the least regulatory friction possible. Because they can make billions doing it they can easily hire the best lawyers and lobbyists to push it through thus essentially disrupting cryptocurrencies.
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