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Facebook Is Getting Closer to Launching Its Own Cryptocurrency, but Why

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Facebook cryptocurrency

The rumors of Facebook own cryptocurrency are nothing new in the vast world of cryptocurrencies. They have been around for over a year now, with some insider reports confirming them for months, now. However, recently, another wave of confirmation has emerged, and these ones are referring to the coin as GlobalCoin.

There was already a number of events that seem to confirm the coin’s existence even further, such as the Facebook CEO, Mark Zuckerberg, meeting with the US Treasury and contacting the Bank of England in order to seek regulatory guidance and confirmation. Something is definitely coming, but one question that many are still asking is: Why? Why is Facebook developing its own cryptocurrency?

Facebook’s GlobalCoin

According to reports from those who seem to be familiar with the matter, GlobalCoin is expected to arrive in Q1 2020. In other words, the social media giant is ready to enter the final phase of designing the coin and start conducting various tests.

Considering Facebook’s size and user base, the coin will truly be a global one, and while this is nothing special when it comes to cryptos — they are borderless, after all — this will be the first coin with such a massive exposure. It will also be pegged to a number of different fiat currencies, such as the EUR and USD, and likely half a dozen others.

With over two billion people using Facebook, and even more using its WhatsApp and Instagram, this coin will help connect these platforms further, and also make it easy for people to send money to one another through them. It will also be useful within the platforms, as various purchasable applications will accept it.

In other words, one of the reasons why Facebook is developing its new coin is its potential to help the ecosystem grow and evolve. It will also help Facebook establish its dominance even further.

Facebook’s history with cryptocurrencies

This may surprise some people, but this is not the first time Facebook has been trying to develop its own cryptocurrency. About a decade ago, the company was trying to create Facebook Credits, which would act in pretty much the same way. However, that was way too early for digital currencies to emerge, and it was not profitable at all. Nobody was interested, and Facebook eventually dropped the project.

Then, Bitcoin emerged, and while it required nearly a decade to go big, it eventually happened, as we all know by now. Facebook saw this as an opportunity to get back to the old project, but also change it and adapt it to the current crypto space. Interestingly enough, Facebook also introduced a major ban on everything crypto-related last year, which many saw as a strange move.

However, it was assumed that the platform does not believe in crypto and that it wants to protect its users from fake ICO ads and similar dangers. Then, rumors of Facebook Coin emerged, and people got even more confused, as Facebook was, apparently, against the idea of crypto. Eventually, the ban on crypto advertising got lifted, and the company is now edging towards launching its own coin.

Concerns and benefits

Of course, there are still concerns regarding the new crypto, as many assume that Facebook will use the system to start monitoring its users even more closely. It already has issues with how it treats customer data, and now it seems to want more — to gain insight into users’ payment habits. However, to do so, Facebook did not have to go crypto. It could have easily launched a PayPal-like service that would work with traditional currencies.

The decision to join the crypto space shows that Facebook does believe in cryptocurrencies and that it decided to be among its pioneers. Further, many businesses and even some banks announced their own stablecoins, but Facebook’s reach is far greater, and it stands reasonable chance to beat them simply by adding its own digital currency and collect all of their potential customers.

It should be noted that the privacy issues remain, and a lot of details regarding the coin are still unclear. But, the launch of a GlobalCoin is generally a good thing, as it will expose billions of people to cryptos. If it ends up being good — great. If not, those billions of people will easily find their way towards Bitcoin. In other words, no matter how good or bad GlobalCoin ends up being — the crypto space will benefit from it. And, who knows, maybe Facebook ends up being responsible for mass adoption. With that in mind, it is not surprising that many see this as the most important development in the history of modern finances.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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