As Facebook is accelerating with great endeavor into the night sky, joining its hands with cryptocurrency, it has got many other companies to support too. Visa, MasterCard, Uber, and PayPal all are supporting Facebook’s Globalcoin Cryptocurrency as said in the reports.
A report from the Wall Street Journal says that on Thursday, Facebook has taken the sign for its new Cryptocurrency from more than a dozen of the companies as a backup for future. And if we go through the Government Policy, each company has to invest about $10 million in the project if they had signed the agreement being a backup to Facebook.
Journal also states that Stripe, Booking.com, and MercadoLive are the part of this project but their roles aren’t specified yet. Facebook had announced that the company will announce Cryptocurrency in December 2018, although the company is hooked on with it from about 2 years in it, since 2017. The company’s messaging infrastructure, Facebook, WhatsApp, Instagram and Messenger all are going to operate on this Cryptocurrency, Globalcoin.
But the core idea to use Bitcoin is still in a wrap? Why Globalcoin? What’s its purpose? Facebook is still in amusement to wrap out the best possible way to use Globalcoin. BBC suggested Facebook to use Globalcoin in the retail market, to allow the users to have a discount on Cryptocurrency.
It is expected that Globalcoin will be launched by 18th June 2019. It might be possible that Facebook may use its Cryptocurrency to transfer the value from the company to retailers directly, which may lead to the loss for the credit card companies and this idea may help the retailers to gain profit, as suggested by BBC.