Facebook’s GlobalCoin is prepping for its launch and RBC Capital Markets’ Mark Mahaney and Zachary Schwartzman asserts that this “crypto opportunity” comes with high expectations.
The duo stated on Thursday:
“We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams.”
The two experts expect that Facebook’s currency will be used for payments, commerce, applications, and gaming across the firm’s ecosystem, including image-based social media platform Instagram and encrypted messaging service WhatsApp.
Mahaney and Schwartzman reiterated a previously reported expectations of Facebook releasing its currency’s white paper on June 18. Reportedly, the protocol will follow in Satoshi’s footsteps to explain the fundamental protocols that will underpin Libra, the internal codename for the project.
RBC plans to release an analysis of the paper upon its release in order “to help investors analyze the underlying crypto economics of the token.”
Facebook’s GlobalCoin is rumored to be a stablecoin backed by a number of global fiat currencies. Though the company indicated incorporating cryptocurrency into the social network way back in 2017, the development of the token has been in full force from over six months.
A recent report suggested that the blockchain section of the social media giant now staffs around 100 employees, working on the development. It was also reported that Facebook will offer its employees the option to take their salary in the new currency.
Caitlin Long of the Wyoming Blockchain Task Force elaborated over what the expectations from the token:
“More people will turn to bitcoin for one simple reason—bitcoin is scarce, while Facebook’s cryptocurrency is not. People will migrate over time to the most honest ledger for storing their hard-earned wealth—and that’s not fiat currencies or derivatives thereof, including Facebook’s cryptocurrency.”
Read more:Icertis Collaborates With Microsoft To Enhance Its Blockchain-Based Contractual Offering
bestadmin
