Facebook is further along with its cryptocurrency than it has let on. It turns out the digital currency is much closer to its debut than expected. The social media behemoth plans to debut its new stablecoin, seemingly GlobalCoin which will reportedly be backed by a basket of fiat currencies, this month, according to CNBC citinf The Information. Not only that, but there’s reportedly a crypto ATM and employee compensation involved that had never been leaked before. Facebook is also planning to attach a hefty $10 million fee to partners of a new Foundation who are looking to run nodes for GlobalCoin.
In fact, the coin is so far along that Facebook employees will be given the option to be compensated in GlobalCoin. What could go wrong? Not only has Facebook suffered a series of privacy setbacks but Mark Zuckerberg is a blockchain novice. Fortunately, he’s been consulting with and has built a team around him of more seasoned crypto professionals, not the least of whom is David Marcus, a PayPal alum, who has been ”exploring blockchain” related initiatives since last year.