Facebook confirms new details about “Globalcoin” – will be tied to multiple currencies

Facebook confirms new details about

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Christian Ploog

christian.ploog@trijo.co

More details about Facebook's new crypto project are now coming.

At the end of May, it became known that Facebook plans to launch its own cryptocurrency, Globalcoin, during next year. On Thursday, however, it was reported that it could happen within less than a month.

The sources also revealed that Facebook plans to let a foundation control Globalcoin. The reasons reportedly are that the social media giant partly wants to avoid criticism regarding centralization and partly to stay on the right side of financial regulations.

Now, more details about the new crypto project are coming. The difference this time is that the information comes directly from the company itself, Coindesk reports.

Tied to multiple currencies

It is Laura McCracken, head of financial services and payment partnerships for Facebook in Northern Europe, who in an interview with the German business magazine Wirtschaftswoche confirms that the planned currency will not be tied to any single fiat currency.

Instead, Globalcoin will be tied to a number of different currencies. The purpose is to prevent the exchange rate from becoming volatile.

According to McCracken, a white paper for the new cryptocurrency will be presented as early as June 18, Coindesk reports.

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