Facebook is looking to give away control of GlobalCoin, its cryptocurrency to a third-party in order to inspire trust, according to a recent report. Its said that Facebook has been in active talks with other tech companies and financial institutions to create an institution that will be responsible for monitoring the processes of its planned blockchain network.
The social media giant hopes that the creation of an independent foundation for its crypto will reassure the public that its blockchain network is a decentralized system.
About the crypto
GlobalCoin is part of the social media platform’s greater Project Libra, which aims to become integrated into global online commerce. GlobalCoin is expected to be a stablecoin tied to multiple fiat currencies like the dollar and euro.
GlobalCoin Taking Shape
Although some may have initially scoffed at the rumors a few months ago, the pieces of Facebook’s ambitious cryptocurrency project are finally coming together.
The top issue, however, is how Facebook will implement proper anti-money laundering protections to the users of the crypto who are world over. KYC will likely be mandatory for all users planning to utilize its cryptocurrency.