A number of mainstream news sources are reporting that the Facebook cryptocurrency will be announced this month and allow employees working on the project to take their salary in the form of the new currency.
In addition, the cryptocurrency is expected to be ‘aggressively marketed’ in developing nations where government-backed currencies are more volatile.
Most recently, company has made a few strategic moves which signal that the product is not far off from launch. Talks with the United States Commodity Futures Trading Commission (CFTC) about the upcoming stablecoin have already taken place, and the company has reportedly acquired the “Libra” trademark for the secretive project.
There is no doubt that Facebook is working on a ‘GlobalCoin’ which is expected to power all of its services including Messenger and WhatsApp. At a recent even, Mark Zuckerberg, CEO, Facebook, revealed that the company has already been working on a WhatsApp payment service which is expected to go global in the coming months.
Facebook is already soliciting third-party organizations to act as “nodes” to help manage the cryptocurrency and ensure it is less centralized in order to build faith and confidence in the product. Apparently, the company is asking for $10 million for the privilege to host a node.
Africa is already proving to be a fertile ground for most crypto projects and Facebook no doubt wants to get into the action. It will be interesting to see if the company will procure nodes from Africa as it seeks to target and grow its user-base on the continent.