After what was a silent period where Facebook gave less about its upcoming GlobalCoin, the company is offering more insight on the soon to launch stablecoin. The company says that the digital token will be tied to a basket of fiat currencies as opposed to only one to prevent volatility.
FB’s GlobalCoin White Paper To Be Revealed Soon
Speaking to WirtschaftsWoche, a German business magazine, Laura McCracken who heads Facebook’s financial service and payment partnership for Northern Europe, she confirmed that the social media giant intended to link its stablecoin on a bunch of fiat currencies, therefore, edging on volatility which has been a big issue among virtual currencies.
McCracken added that FB’s GlobalCoin is set to be revealed later this month with the token’s white paper set to be published on June 18. She was talking to the German magazine at a trade conference in Amsterdam.
The latest confirmation comes after another recent report that listed some of the executives that are said to be working on the project. These include Sunita Parasuraman, the manager of the Swiz-based foundation that is leading the GlobalCoin project and MIT’s Christian Catalini, who is acting as the chief economist.
Another report on the subject recently revealed that Facebook could set up physical portals for users to purchase the digital currency and in the process charge third parties as much as $10 million for the privilege of supporting the network as nodes.
Also, recently, RBC a Russian news site reported that Igor Sechin, the head of the Rosneft oil firm had told the St. Petersburg Economic Forum that GlobalCoin could in the near future be used for oil transactions.
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