Facebook's GlobalCoin May be Launched in June

Simultaneously, Facebook employees will be able to get salary in new stablecoins and users will be able to acquire it thru "physical portals"
06 June 2019   184

The launch of a cryptocurrency by Facebook can happen already this month. At the same time employees of the company will be able to receive a salary in new coins, according to The Information.

According to the publication, Facebook also plans to launch “physical portals”, through which users will be able to acquire a new stablecoin called GlobalCoin.

It is assumed that a specialized structure has been created to manage GlobalCoin. It is currently negotiating with various financial institutions and technology companies whose developers want to tap resources.

The publication also claims that the company involves third-party organizations to perform the function of the nodes in its network. However, for the opportunity to become a member of the network, they will presumably have to put out of pocket up to $ 10 million. Successful candidates will be able to appoint one representative each in the project unit.

The decentralized GlobalCoin network at the launch stage is expected to consist of 100 nodes, which will allow Facebook to attract at least $ 1 billion to develop the project.

Earlier in June, it was reported that Facebook had held talks with the US Commodity Futures Trading Commission (CFTC). GlobalCoin was the topic of discussion, and as stated, the CFTC was going to find out if the coin falls under its regulation.

CFTC to Approve LedgerX's Deliverable BTC Futures

At the same time, another platforms such as Bakkt, ErisX and Seed CX still awaiting regulatory approval
26 June 2019   62

Cryptocurrency derivatives provider LedgerX LLC has received a license from the Authorized Derivatives Market (DCM) from the US Commodity Futures Trading Commission (CFTC), which will allow it to launch the country's first bitcoin futures.

Deliveries for deliverable futures are made in the underlying asset, not in fiat funds. Thus, LedgerX outstripped the Bakkt, ErisX and Seed CX platforms, which are still awaiting regulatory approval.

At the same time, LedgerX intends to launch the Omni platform for trading options, swaps, and bitcoin futures for retail investors, since at the moment it does not see enough interest from institutional market participants.

However, it should be added that some experts have already expressed fears that the nature of the license received will not allow LedgerX to provide margin tools to customers, and Bakkt should have such functionality.

Recall about the intentions to obtain the appropriate permission and overtake competitors LedgerX said in April.