Finally, some of the world's largest companies are dealing with crypto and related technologies. In recent weeks, it has become known that some of the world's largest institutions in TD Ameritrade and Fidelity continue to offer Bitcoin products.
It is also important that giants of the technology world continue to penetrate into the crypto-currency space. While Microsoft, IBM, Samsung, and Google have made good progress on their blockchain products, Facebook has the biggest success so far with its own digital asset.
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Meet Facebook's Digital Good
At last, the details of Facebook's cryptocurrency are finally being ironed out. For those who missed the memo, it has long been rumored that the social media giant has developed a blockchain product behind closed doors. It has just been revealed that the product is a cryptocurrency. And only in the last few weeks have the details of the project been largely ironed out.
As NewsBTC reported on Friday, the cryptocurrency of Facebook will be called "Globalcoin" and the issue will be carried out by a subsidiary called "Libra" based in historically crypto-friendly Switzerland. While the product should be launched in India for the first time, new reports say the coin will be available through Whatsapp, which has two billion active users and will be a payment mechanism and media of exchange for the social media ecosystem.
] To advance ideas and developments, it was even reported that Mark Zuckerberg was commissioned to team up with twins Winklevoss Twins, his rivals at Harvard and other co-founders of Facebook, to talk about crypto.
And while the market launch of Libra / Globalcoin is expected in the first quarter of 2020 at the earliest, the hype is growing, which Facebook can do with this development.
Talking to Mike Novogratz of Galaxy Digital, "Squawk Box" by CNBC emphasized the importance of Facebook's massive move into this space. The former Wall Street company, now a well-known cryptocurrency investor, said that "Facebook is vital to the ecosystem," adding that this tacit affirmation of the technology behind Bitcoin is pervasive. He even states that, contrary to popular belief, Globalcoin will add value to the non-centralized cryptocurrency ecosystem and will not subtract it.
"Facebook is of tremendous importance to the ecosystem" ̵1; @novogratz at # cryptocurrency "Bitcoin will not be a payment currency, Bitcoin will be a stored value like gold." pic.twitter.com/NzyPeLxI3T
– Squawk Box (@SquawkCNBC) May 24, 2019
The Most Important Crypto Company?
Novogratz is not the first to raise this thought process. In a newsletter released last year, Anthony "Pomp" Pompliano, a member of the Facebook growth team that became the venture capitalist and bitcoin evangelist, underscored Facebook's importance in blockchain the world over the cryptocurrencies and the value propositions they attribute Praise, claiming consumers should never underestimate "Mark Zuck" Zuckerberg. He claimed that Facebook's blockchain solutions, in whatever form, are about "developing a globally dominant product that alters the lives of billions of people." He continued:
If the technology company could successfully develop the product, and in order to drive acceptance, they have the opportunity to move from a social network to one of the largest financial services providers in the world. This step would allow them to use a small percentage for each transaction and reduce reliance on their advertising-based model.
This is especially important given the already existing impact of Facebook. As commentators such as Ari Paul of Blocktower Capital have suggested, a Facebook-supported cryptocurrency could open the Bitcoin door to millions of consumers around the world, even if the two ecosystems are not very overlapping.
If Facebook's Crypto or JPM Coin are excluded, they could boost Bitcoin.
Pompliano simply says that for this reason Facebook is probably the most important enterprise for the crypto-currency ecosystem at the moment, despite what many think of institutions and (slightly) bigger names in technology.
Critics wary of Globalcoin
While many are convinced that the launch of Globalcoin will only validate Bitcoin and its products so that ordinary Joe and Jills have the skills and the heart to engage in cryptocurrency, some are skeptical versus Facebook-supported asset.
The Block's Frank Chaparro reminds his followers that Zuckerberg barely paid attention to the privacy of his users, even though Facebook was still a young company. Others agreed with this assessment, noting that the product is not only likely to be centralized, but also gives rise to censorship, government oversight and other concerns that do not affect Bitcoin.
For those of you, Facebook is optimistic: "GlobalCoin," Never forget who we're dealing with pic.twitter.com/GL3qp0giAl
– Frank Chaparro (@fintechfrank) May 25, 2019
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