Facebook’s big crypto moment is tomorrow. The social media giant, which has been mired in controversy and scandal for the last couple of years, is expected to release details related to Project Libra – its cryptocurrency initiative. Reports and leaks have already generated considerable excitement within the cryptocurrency community. But the ramifications of Facebook’s foray into cryptocurrency go beyond the crypto ecosystem. They could potentially … Continue reading Decks Cleared For Facebook’s Crypto Debut Tomorrow

After conversations with regulators, Facebook is setting up an independent foundation for the governance of Globalcoin – its cryptocurrency, according to a report in the Information. The online publication reports that the Menlo Park-based company has “courted dozens of financial institutions and tech companies” for its foundation. The plan is to raise capital from these institutions and have senior officials as members of the foundation’s … Continue reading Facebook “Courts” Financial Institutions and Tech Companies for its Crypto Foundation

Facebook is scoping out the regulatory ramifications for its cryptocurrency. CFTC chairman Christopher Giancarlo has told the Financial Times that the agency has had “very early stage conversations” with Facebook about Globalcoin, its stablecoin – a cryptocurrency that retains peg with a basket of goods. “We’re very interested in understanding it better,” he said, adding that Facebook had not yet applied for a regulatory permit. … Continue reading Facebook Talks to CFTC About Globalcoin