Facebook's GlobalCoin may be one of its "most important initiatives"

14 Jun, 2019
by Richard Allen
Facebook's GlobalCoin may be one of its most important initiatives

Global investment bank, RBC Capital Markets has recently stated that Facebook’s upcoming cryptocurrency project may be one of the biggest milestones in the company's history, CNBC reports.

In a note to investors, the firm expressed its high expectations for Facebook's planned stablecoin, dubbed GlobalCoin, stating, “We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams,” RBC analysts Mark Mahaney and Zachary Schwartzman said.

RBC is expecting Facebook to release GlobalCoin’s whitepaper on June 18, stating they will analyze the paper as soon as it's released in order “to help investors analyze the underlying cryptoeconomics of the token.”

Furthermore, RBC Capital predicts Facebook will use its new cryptocurrency to facilitate three platforms: payments, commerce, and applications and gaming. Chepicap recently reported that Facebook’s employees will have the option of accepting GlobalCoin as a means of payment for salaries.

RBC also has an outperform rating on Facebook with a price target of $250 per share. CNBC rep[orts that Facebook’s stock is up more than 35% this year, with Thursday closing at $177.47 a share.

The impending launch of GlobalCoin has been a hotly discussed topic, with many believing the coin will result in a surge of mainstream adoption for Bitcoin.


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