Facebook is all set to announce its own currency later this month. Facebook will also allow their employees working on this project to take Cryptocurrency as their salary. The company is also planning of having physical ATM machines where people can buy the Cryptocurrency.
About a year ago, the company appointed the Paypal former executive David Marcus in order to explore new opportunities with the blockchains and also in pinning the initiative for the Cryptocurrency.
Since then many have reported that the company is looking for a new digital method to develop digital currency. This currency will provide its users with the ability to store, trade and exchange for regular currency.
This is an initiative towards building a currency that can be exchanged in between countries. This could help in the increase of the company’s revenues and also diversify beyond advertising, which is the company’s current method of earning revenues.
Reports say that Facebook has been trying to appoint the third party organizations to act as “nodes” to help and manage the Cryptocurrency, and has also discussed charging $10 million for this privilege.
Cryptocurrency nodes contain digital computing power which is necessary to resolve complicated mathematical equations that are used to validate transactions These are typically decentralized and also spread among thousands of parties, but Facebook is creating a team of named partners per the reports.
This new initiative towards developing a digital currency will create new revenues for the company and the foreign exchange will also be increased with the passing time, there are around millions of users who connect via Facebook and introducing a new currency in the market can create more revenue and digital technology development.
As per the reports, the Cryptocurrency will be announced by the end of this month and so will the information on the availability of the currency and the ATMs.