New information suggests that Facebook would have the support of Visa, Mastercard, PayPal, Uber, and other companies for the development of the GlobalCoin. During the last weeks, there is a lot of talk about digital currency based on Facebook cryptography. There is a lot of possibility of it coming in the next few days. Not much is known about it, only that it could be called GlobalCoin and little else
Being a cryptographic asset of a private company, it can not be considered cryptocurrency. If something characterizes a cryptocurrency, it must be decentralized, not managed by a public or private organization that centralizes it. In the case of the idea of Facebook, we could not consider it as a cryptocurrency, but as a digital asset. There is talk that it could even be a Stablecoin backed by dollars stored in the US Federal Reserve.
The American Wall Street Journal reports that Visa, MasterCard, PayPal, and Uber would back Facebook’s assets. The social network seems to be in an agreement with a dozen private companies. An agreement managed and developed in private for at least six months.
Each of the companies would contribute a total of 10 million dollars to be part of this special consortium. Additionally, Stripe, Booking.com, and MercadoLibre would be other collaborators. These three companies would not provide capital, they would have other functions, although they have not been revealed.
Initially, it should have been launched in December 2018, although in the end, it has not been like that. Everything points to the fact that on June 18 it could be officially presented and launched in 2020. This asset can be used and moved through all the applications of the social network, such as WhatsApp, Instagram, and Facebook Messenger.
It seems that the social network is very clear on its cryptoactive service. The BBC says Facebook would think of retailers, offering users discounts for using these assets. This asset could be used to transfer value between the social network and the retailer, suppressing the intermediaries.