BBC: Facebook planning to launch 'GlobalCoin' in 2020 across a dozen countries

Stablecoins • May 24, 2019, 6:23AM EDT
UPDATED: May 24, 2019, 3:30PM EDT
The Block

Months of anticipation around Facebook's crypto token is set to continue as it eyes a Q1 2020 launch, according to a BBC report Friday. The social media giant is now said to be finalising plans for its 'GlobalCoin' and will begin testing later this year, before launching in around a "dozen" countries as a challenger to banks, with the token rumoured to be used for payments via messaging apps.

The BBC also reported that Facebook had been in talks with the U.S. Treasury and the Bank of England governor Mark Carney about its crypto plan. The next step, it said, is to confirm liquidity providers and exchange to store and trade the asset, with the firm reportedly in talks with Gemini and Coinbase.

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The coin has been in the making for months, with Facebook having ramped up its hiring efforts to build a blockchain team of over 30 people by the end of 2018, working at breakneck speed according to a New York Times report. Earlier this month, the firm also registered a fintech network in Geneva and lifted a ban on crypto ads on its site.

More news is expected soon, with the BBC adding that Facebook is expected to launch its rumoured stablecoin network "in the coming weeks."

About Author

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.