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FEATURED ARTICLE — August 23rd, 2019

Facebook is Launching a Cryptocurrency In 2020: Here’s What You Need to Know

According to Coinmarketcap, the global volume of all cryptocurrency trading hit a 300-day high in February 2019. At 33.85 billion, it was the highest volume recorded in the preceding 10 months. This means trading activity in the cryptocurrency industry is increasing significantly worldwide.

Cryptocurrency trading volume as of February 2019, Source: CoinDesk.com

As blockchain shows no sign of slowing down globally, with it’s widespread reach even entering the mobile phone industry, many new players are set to join the crypto hierarchy. 

Facebook could be one of the most solid players on the list. 

Social media giant Facebook is planning to roll out its own cryptocurrency, “GlobalCoin”, in 2020. The currency would enable the approximately 2.4 billion monthly Facebook users to change international currencies into its digital coins. Users would be able to use GlobalCoin for online as well as brick-and-mortar store purchases. It’ll also enable users transfer money without the requirement of a bank account. 

Facebook plans to start testing its cryptocurrency by the end of this year. This April, Facebook founder Mark Zuckerberg discussed his plan with Bank of England governor Mark Carney. Discussions focused on the opportunities and risks involved with the new cryptocurrency. 

How would Facebook’s crypto-currency work?

Facebook’s primary goal, where GlobalCoin is concerned, is to provide users with a digital currency that allows them to make payments in affordable and secure ways, regardless of their bank accounts. The company, which also owns Instagram and WhatsApp, has a far-reaching grasp of the social media market. This means the ability to reach everyday users and perhaps lure them into the cryptocurrency... Read More

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