It has been reported that Facebook’s new cryptocurrency will be used as a payment method for those working on the project. Previous reports have also indicated that users will also be able to store, trade and exchange the coin for regular currencies with possible use across its Apps including messenger and WhatsApp.
The report also notes that physical ATM type machines could be used where users can purchase the currency. With a user reach of over 2 Billion, the ‘Global Coin’ could provide additional revenue to the social media giant, above its current advertising revenue stream.
CNBC have also stated that Facebook plans to maintain a sense of decentralisation in their cryptocurrency by involving outside parties. These organisations will reportedly contribute as much as $10 Million to act as a node in validating transactions across the ‘Global Coin’ network.
No comment has been made from official Facebook sources yet as to why the project has been advanced so quickly. CEO Mark Zuckerberg has been busy over the past few months, reportedly liaising with leaders from both the UK and US banking sectors. This latest news from Facebook follows a string of recent developments of other conglomerates including Apple, Microsoft and AT&T.