Global messaging giant, Facebook is officially releasing its long muted cryptocurrency later this month according to recent reports from a news agency, The Information. The update which comes a week barely after U.S CFTC Chairman Christopher Giancarlo confirmed his meeting with Facebook, reveals further details regarding the cryptocurrency and what purpose it will serve its users.
For instance, The Information writes that following the impending release of Facebook's cryptocurrency, the company will use it as a unit of settling payment for workers' salary while users can store, trade, and exchange it for regular currency using Facebook products such as Messanger and WhatsApp.
Additionally, the report disclosed that Facebook has plans to introduce "physical ATM-like" machines that will allow users to convert their fiat into the cryptocurrency and vice-versa easily.
Concerning the management of the blockchain network which will power Facebook's planned cryptocurrency, the report suggests that the company is talking with third-party companies who can commit at least $10 million for the privilege of running nodes that will support the product when it launches.
The reason for seeking diverse partners reportedly has to do with Facebook allowing the cryptocurrency to maintain a specific degree of decentralization like most top coins in the crypto market.
Meanwhile, as Stmarket.co reported, rumors of Facebook launching a cryptocurrency first appeared in December, with information available then revealed that the coin would help WhatsApp users to send money faster and for incredibly lower fees.
Since then, though a lot had happened with the Facebook project, culminating in the U.S Senate Banking Committee writing a letter to CEO Mark Zuckerberg to learn more about the planned cryptocurrency.