Facebook exec confirms GlobalCoin will be tied to multiple currencies

07 Jun, 2019
by Richard Allen
Update
Facebook exec confirms GlobalCoin will be tied to multiple currencies

More details have been revealed about Facebook's upcoming cryptocurrency, dubbed GlobalCoin. According to an executive, the cryptocurrency will be tied to multiple fiat currencies.

Speaking to German business magazine WirtschaftsWoche, Facebook’s head of financial services and payment partnerships for Northern Europe, Laura McCracken confirmed that GlobalCoin won’t be tied to just one fiat currency. In order to prevent volatility, it will be linked to a basket of currencies.

McCracken also stated that the social media giant will be revealing its stablecoin later this month, with its whitepaper reportedly being published on June 18.

The news comes shortly after it was revealed that Facebook is continuing its push to launch GlobalCoin and now has over 100 employees working on the cryptocurrency project. Additionally, Facebook has also stated that employees will be allowed to accept GlobalCoin as a method of payment for their salaries.

Additionally, Facebook has also confirmed its plans to roll out ATM-like machines for the purchase, and probably, the sale of its cryptocurrency.  

It’s also become known that Facebook has been reaching out to third-party companies to run the nodes for the network. For some reason, however, Facebook will charge them $10 million if they take them up on their offer to run one of their nodes.

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