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Facebook GlobalCoin will be tied to regular currencies

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It seems that there are heaps of information lying around the internet about GlobalCoin, but most of them are simple rumours. Besides the ones that have been confirmed by the company themselves of course, and this news is definitely one of them.

Laura McCracken, the head of financial services and payment partnerships for Northern Europe of Facebook has confirmed that the stablecoin the company is in the process of developing, will be backed by multiple other fiat currencies in order to prevent too much volatility and maintain the price within manageable levels.

Furthermore, the executive mentioned that the crypto community will soon receive the whitepaper they have been waiting for so long. McCracken named June the 18th as the official date of release. Needless to say, there are more people willing to read it than Facebook could ever anticipate.

At this point, it looked like McCracken didn’t really want to share this much information before the whitepaper, as the company didn’t want to look like they were driving artificial hype. But driving hype for a stablecoin is out of the question, to begin with.

The information just couldn’t be kept a secret after the community found out that people from MIT, such as Christian Catalini were going to work on the project alongside Sunita Parasuraman, the manager of the Swiss token project.

Despite this new information, which is sure to affect the coin’s popularity during the release, the in-depth information will definitely be inaccessible before the release of the whitepaper on June 18th.

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Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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