At long last, some of the world’s largest companies are delving into on crypto and related technologies. The past weeks have seen news arise that some of the world’s largest institutions in TD Ameritrade and Fidelity continue to scale into Bitcoin.
What’s also important is that giants of the technology world also continue to foray into the cryptocurrency space. While Microsoft, IBM, Samsung, and Google have made good progress with their blockchain-related products, Facebook may make the biggest splash yet with its own digital asset.
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Meet Facebook’s Digital Asset
At last, it seems that the details of Facebook’s cryptocurrency are starting to get ironed out. For those who missed the memo, the social media behemoth has long been rumored to have been developing a blockchain product behind closed doors. Only recently was it revealed that said product was a cryptocurrency. And only just over the past few weeks have the detailed around the project been mostly ironed out.
As NewsBTC reported on Friday, Facebook’s cryptocurrency will be named “Globalcoin”, with its issuance being completed by a subsidiary named “Libra” that is based in the historically crypto-friendly Switzerland. While the product was first slated to be introduced in India, new reports state that the coin will be available through Whatsapp, which sports two billion active users, and will be a payments mechanism and a medium of exchange for the social media ecosystem.
To drum up ideas and development, it has even been reported that Mark Zuckerberg was mandated to sit down with Gemini’s Winklevoss Twins, his peers-turned-rivals at Harvard and other Facebook co-founder claimants, to talk crypto.
And while the launch of Libra/Globalcoin is expected to be in Q1 of 2020 at the earliest, there is growing hype around what Facebook will be able to do with this development.
Speaking to CNBC’s “Squawk Box”,…