Facebook Plans to Create Independent Foundation to Monitor Its GlobalCoin Currency

In the past few months, Facebook has been courting financial institutions and tech companies to join a new independent foundation. The foundation will be responsible for overseeing the implementation of the social media giant’s cryptocurrency, GlobalCoin.

Facebook is looking to cede control of its cryptocurrency to a third-party in order to inspire trust, according to recent reports. The company has been in active talks with dozens of tech companies and financial entities to create a ‘supergroup’ responsible for monitoring the processes of its planned blockchain network.

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