Facebook’s GlobalCoin Growing
This week it was revealed that Facebook’s cryptocurrency is called “GlobalCoin” and that it’ll be launched sometime within the next month. Yesterday it was reported by CNBC that GlobalCoin employs one hundred individuals that are working towards the development of this coin. CNBC scoured countless LinkedIn Profiles to evaluate how many people are working with the company. Additionally, there are also forty other job listings available in the company through Facebook’s Career Page.
GlobalCoin for the People
Many speculate that Facebook’s cryptocurrency is going to create a monopoly centralization effect on the market. However, GlobalCoin says that their taking steps to ensure that this doesn’t happen. Facebook & its subsidiaries have lied before, which leads analysts to believe that this monopoly effect is inevitable.
The CEO at Capital Polychain spoke openly about GlobalCoin by saying, “I think given all the problems that Facebook has had with policing their platform and things like that, I think that the strategic move for Facebook would actually be to build public infrastructure and that public infrastructure could be incorporated into all the Facebook platforms, which of course are proprietary. But that public infrastructure, if they don’t try to own it, I think that’s where they will have the most success.”
Facebook is claiming that its crypto network is being built to help the billions of people worldwide who don’t have access to a certified payment system. That GlobalCoin will assist these billions of people with financial services, jumbo loans and healthcare.
Facebook has been garnering some high-level executives to help assist with the maintenance and operation of GlobalCoin. One of those executives is David Marcus, the Head of Global Coin. He used to work with Coinbase and PayPal, as the president for both companies.
Eric Nakagawa will be the head of open source with the company. However, there have been mixed expectations met with him at the company. This isn’t shocking considering that he’s worked with several over open-source projects beforehand.
Regardless, GlobalCoin is going to be an incredible force in the Forex Industry. It’s estimated that this coin will entirely replace StableCoin. The launch of GlobalCoin is expected for late June 2019.