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Last updated on October 26th, 2019 at 01:59 pm

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The social media giant Facebook reportedly in talk with the United States based Cryptocurrency Exchange Coinbase to develop it’s Cryptocurrency.

As was reported by Financial Times about the Facebook’s “Globalcoin” project. Facebook has discussed the initiative with major crypto exchange and wallet Coinbase. The report also notes that Facebook reportedly spoke with the Gemini exchange, which was founded by the Winklevoss twins, the well-known rivals of Facebook CEO Mark Zuckerberg.

Including Chicago’s leading high-frequency trading platform Jump and DRW, FT reports.

According to unknown sources, Facebook had been in negotiations with major crypto-related firms in order to ensure that its upcoming stablecoin is pegged to the value of the United States dollar and is liquid, tradeable and secure.

Notable financial institutions had refused commenting on the matter regarding the negotiations made with Facebook. It was also noticed that Facebook had required them to sign non-disclosure agreement concerning the discussion made.

Notable media houses like BBC has recently reported that Facebook’s yet to launch stablecoin will be focused on payments.

The focus is on its three major fully owned applications including whatsapp, messenger and instagram. It is intended to be bigger, massive and robust to foster wider global adoption. Some unknown sources has revealed that Globalcoin will be huge.

The only known obstacle that will hinder the growth of the Globalcoin will be government’s regulations, the report says.

Facebook is making strategic moves towards Blockchain Technology adoption. The problem centralized nature of Facebook still remain a bug towards it’s upcoming rivals in the era of Web 3.0.

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By Tony Chimdiuto

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