Facebook to launch its own cryptocurrency next year

Mark Johnson's picture

Global social media platform Facebook is planning to launch its own cryptocurrency next year, to enable its 2.4 billion users to buy products and services online without using a traditional bank.

The new digital currency is likely to be called GlobalCoin and could be introduced as early as next year, a report by the BBC. claimed. The powerful US social media firm is expected to release more details about the initiative later this summer.

Facebook’s funder, Mark Zuckerberg, reportedly met with Bank of England Governor, Mark Carney, last month to discuss the opportunities, risks and regulatory elements of introducing a new form of digital payment.

Regulatory advice 

The BBC also reported that Facebook had also sought advice on operational and regulatory aspects of a new digital coin with officials from the US Treasury department.

Facebook has been circling the global crypto-currency and blockchain space for the past year. In February, as reported by Prolific London at the time, Facebook bought London blockchain startup Chainspace.

Earlier this month, the company chose London as the base for a new team dedicated to bringing payments to its WhatsApp messaging service.

Bitcoin is currently the world’s leading cryptocurrency and the market has seen the value of crypto coins roller coaster in recent years. 

Welcome to Prolific London

Get all the latest media, marketing, technology and creative news for the capital