Facebook has been building out its cryptocurrency for over a year. Facebook’s cryptocurrency will be governed by a consortium of firms known as the Libra Association, which includes the likes of Visa, Mastercard, and PayPal. The cryptocurrency, which will reportedly be called Libra, will be unveiled on June 18th. The Facebook coin, or GlobalCoin, is expected to be a stable coin tied to several major currencies and is also being lined up for usage in Facebook-owned messaging app, Whatsapp.
Facebook has been building out its cryptocurrency for over a year and will be unveiled on June 18th.