Developments

Facebook courts Coinbase and Gemini in regards to its upcoming Global Coin

Facebook courts Coinbase and Gemini, two leading cryptocurrency exchanges as it plans to introduce its own global digital currency. Facebook, a social media giant, is having talks with crypto exchanges and high-frequency trading platforms with plans to take over the online payment industry.

Since the beginning of 2019, several reports have emerged that Facebook is working on its crypto coin. According to Financial Times, Facebook’s CEO, Mark Zuckerberg, held talks with his former rivals, Winklevoss twins, the founders of Gemini cryptocurrency exchange.

The twin brothers once filed a lawsuit accusing Zuckerberg of stealing their social networking idea. However, it appears that both parties have put their differences behind and are keenly focusing on the future.

The author of the book behind the film “The Social Network” said:

Facebook’s idea is to launch its own crypto. So who do they have to reach out to? Now the twins know more about this than Facebook does, so they’re one of the people that [Zuckerberg] has to go to get into this world.”

In the past few months, Facebook has been making aggressive tie-ups with companies and exchanges. Two sources familiar with the matter said that Facebook is courting Coinbase and Gemini to allow its users to store their Facebook coins safely. Facebook has also asked these crypto exchange to offer crypto-to-crypto and crypto-to-fiat conversions for its native cryptocurrency.

Facebook is also talking to Chicago’s popular high-frequency trading platform-DRW and Jump. But the companies working with Facebook have failed to comment because of a non-disclosure agreement.

Last month when Zuckerberg was speaking at the Facebook F8 conference, he showed up vital interest to transform the payments industry. He said he would like to see Facebook become a platform to send money quickly.

He added:

“When I think about all the different ways that people interact privately, I think payments is one of the areas where we have an opportunity to make it a lot easier. I believe it should be as easy to send money to someone as it is to send a photo.”

Do you think Facebook’s talks with Coinbase and Gemini will help speed up the adoption of its Global Coin?

You may also be interested in:

The Approach of Facebook Coin (FBcoin

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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