Facebook ’Globalcoin’ crypto will be tied to multiple currencies—Facebook Executives.

More details about Facebook’s upcoming cryptocurrency called GlobalCoin, have emerged as the information has been revealed by the company this time.
Speaking to German business magazine WirtschaftsWoche earlier this week. Laura McCracken, commenting recently on German business magazine—Wirtschafts Woche , the Facebook’s head of financial services and payment partnerships for Northern Europe, confirmed that the proposed stablecoin will not be tied to any single fiat currency, but rather in other to avoid volatility, it will be linked to a basket of currencies.

At a trade conference in Amsterdam, the executive, Mr McCracken also added to re-comfirm recent reports that GlobalCoin would be revealed later this month, as the white paper for the token would be published on June 18.
There are lists some of the executives said to be working on the effort, this confirms this reports. In the list includes, MIT’s Christian Catalini as chief economist and Sunita Parasuraman, manager of the Switzerland-based foundation leading the token project.

According to the information, for users to purchase the cryptocurrency, Facebook may further set up physical portals, as well as charging third parties and there will be up to $10 million for the privilege of supporting the network as nodes.

The head of oil firm known as Rosneft, Mr Igor Sechin, told the St. Petersburg Economic Forum, “that Facebook’s cryptocurrency could possibly be used in oil transactions in a near time.” according to the Russian news site RBC reports on lastweek thursday. However, Sechin, seemed to be talking generally on the perspective of how big U.S. tech firms like Google, Apple and Facebook are making moves into the energy industry.

He added with skeptics that:
“At the same time, it’s possible for one to feel that technology giants will make the energy market essential for more transparent and efficient, becoming a remedy for solving the acute problems of modern times.”

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Credit: Daniel Palmer

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