Facebook has been preparing for the cryptocurrency for quite some time and the speculations have been in the market since late last year. These speculations were recently confirmed when Facebook registered the blockchain company in Switzerland.
On the other hand, the media outlet Financial Times reported that the Chief of Facebook Mark Zuckerberg has consulted among others his longtime buddies and now sworn arch enemies the Winklevoss brothers.
Experts believe that Zuckerberg is leaving no stone unturned for the cryptocurrency. While the Winklevoss brothers used money from the Facebook lawsuit to build their cryptocurrency exchange Gemini which is now a highly esteemed organization in the United States. Their influence in the cryptocurrency market and the stability of the platform along with the reputation as a well-regulated platform Gemini can play a vital role in the success of this coin.
Among others Zuckerberg has been meeting for Global Coin so far is Mark Carney, the Governor of Bank of England. Zuckerberg and Carney are reportedly in discussion regarding the risks and avenues of opportunities in the cryptocurrency.
While the company has also been in touch with the United States Treasury Department for technical discussion regarding the currency.
Last but not least, Facebook is also in discussion with Western Union for a possible collaboration since the service is a bank-less money transfer service essentially working on “know your customer” (KYC) protocols.
So far Facebook has not revealed any other information on the cryptocurrency or on the details of the project however Zuckerberg has been reported to seek as much as one billion dollars in funding from venture capitalists.