MANILA, Philippines – Facebook will set up an independent foundation for its GlobalCoin cryptocurrency, according to a report from The Information.
The report mentions it is reaching out to financial institutions as well as technology companies "that will contribute capital and help govern the digital currency."
The Next Web added Facebook is seeking to finance GlobalCoin by charging $10 million for a GlobalCoin node – basically the license to operate as a member of the GlobalCoin foundation and support the network – and launching 100 nodes.
A BBC report in May pointed to the GlobalCoin cryptocurrency launching in 2020, with the digital payment system working in around 12 countries to start.
The Next Web added Facebook may market GlobalCoin to developing nations where the local currencies are unstable. – Rappler.com