Report: Facebook Talks with Coinbase and Other Major Crypto Exchanges on Issuing Own Cryptocurrency

[ChainDD report] May 25 (ChainDD) Facebook has been discussing with Coinbase, Gemini and other major crypto exchanges to ensure its own cryptocurrency pegged with US dollar, liquid, tradable and secure, so as to provide regulated third party platforms to store and exchange assets for users, according to the Financial Times sources. The source said Facebook also talked with two major high frequency trading firms Jump and DRW on market making and liquid issues to stabilize cryptocurrency value and make it being exchanged easily.

According to BBC’s recent report, Facebook plans to establish a digital payment system across a dozen of countries by the first quarter of 2020 and wishes to initiate the test for its cryptocurrency by the end of this year. The cryptocurrency is called GlobalCoin inside Facebook and expected to offer more details of its plan this summer.

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