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Facebook to announce its coin this month with its employees paid in crypto

Facebook employees paid in crypto?

According to reports put out by The Information and reported by CNBC, Facebook will be announcing its crypto project this month and this will also see its employees paid in cryptocurrencies.

Based on the report, third-party companies will have to pay Facebook up to $10 million if they are interested in acting as nodes to validate on the network.

Facebook’s coin has been very much talked about in recent months with many speculating it will be a stable coin. The report put out by The Information, also says Facebook’s coin will also be accessible via physical ATMs.

Last month, Facebook got into talks with major cryptocurrency exchanges like Gemini and Coinbase which lead to many wondering whether these talks involved Facebook seeking advice from these cryptocurrency companies or if it was trying to get its coin listed on these exchanges.

The company also acquired the TradeMark “Libra” a company which it has registered in Geneva, Switzerland. It is important to also note that Switzerland is one of the most crypto friendly nations in Europe.

Should Facebook launch its coin this month, this will be great news not just for the company but for the entire cryptocurrency space as many expect Facebook’s coin will grant even more exposure to Bitcoin and other cryptocurrencies given its over 2 billion users.

It is, however, not surprising that Facebook is looking into cryptocurrencies given the fact that its major stream of revenue, advertisements, is under attack given the privacy issues that surround this business model.

Looking for other mediums through which to generate profit is definitely one of the reasons the platform is looking into cryptocurrencies.

What effect will Facebook paying its employees in cryptocurrencies have on the entire cryptocurrency market? Will this lead to the speedy adoption of cryptocurrencies?

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Cryptoline News is an independent Blockchain and Cryptocurrency news, reviews and tips platform. Send all news tips and Press Releases to editor@cryptolinenews.com

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