Few days earlier, reports claimed that Facebook is ready to launch its cryptocurrency later this month after the company found a number of backers for the product. While we will have to wait to find out if the rumors are accurate, a recent report by the Wall Street Journal has stated that Facebook is set to debut its cryptocurrency as early as next week.
The first news regarding Facebook’s cryptocurrency appeared few years ago. At the time, the coin was known as GlobalCoin internally. Recently, reports suggested that the social networking giant has found several backers to bring the coin in the coming months. While we will have to wait to find out, report from WSJ claims that some of the biggest companies including Visa, Mastercard, PayPal, and Uber Technologies. Stripe, Booking.com will support the cryptocurrency.
Apart from this, the report claims that each of the companies will invest about $10 million into the project. Most importantly, the coin will operate within Facebook’s messaging applications which means the product will be available to WhatsApp, Instagram, and Facebook Messenger users upon its release.
Although we don’t know for sure how Facebook is planning on using the coin, it’s likely that the coin will operate similarly to real-world money since users will be able to use ATMs to cash out. Earlier last week, rumors suggested that Facebook employees who are working on the project were offered option to use the cryptocurrency to withdraw their salary.