Facebook Will Release Crypto Whitepaper On June 18th: Report

More details have emerged about Facebook’s crypto project.

The company is planning to release a whitepaper explaining the basics of its cryptocurrency on June 18th, according to a Techcrunch report. The publication also received a press embargo request for the same date.  Facebook also told a German magazine that its stablecoin, a cryptocurrency that maintains parity with a basket of goods, will be backed by multiple fiat currencies and low-risk financial instruments. As reported earlier, it is already in talks with credit card companies like MasterCard and Visa to raise capital to back its stablecoin. Finally, Facebook is planning to call its currency Libra instead of the earlier-reported Globalcoin, according to The Information.  

While it is expected to remain exclusive to the company’s platform, Facebook’s entry into cryptocurrencies is expected to garner mainstream recognition about their utility within the financial ecosystem. The social media behemoth plans to roll out money transfer and e-commerce services for its massive user base using blockchain. The former service will enable users of its social network and messaging services to transfer cash between borders with minimal fees and the latter will allow them to buy products online without incurring significant credit card processing fees.