Project Libra: Everything We Know About Facebook’s Cryptocurrency

The world’s biggest social media company appears dead-set on launching its own cryptocurrency. Facebook has yet to announce plans publicly but media reports on its crypto ambitions have emerged over the past six months, painting a partial picture of how the social network wants to capitalize on blockchain technology. In short, a team led by former PayPal president David Marcus is building an asset-backed cryptocurrency, one designed to operate within the company’s existing messaging infrastructure (WhatsApp, Instagram and Facebook Messenger). The most recent news on the project comes from the BBC, with the British outlet reporting that the cryptocurrency – called “GlobalCoin” internally – will launch in “about a dozen countries by the first quarter of 2020.” However, the signs that Mark Zuckerberg’s company wanted to diversify into fintech first materialized as far back as 2017. Below is a rundown of what is known so far about Facebook’s cryptocurrency.