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Report: Facebook launches cryptocurrency & # 39; GlobalCoin & # 39; 2020

Facebook is developing a digital payment system that will be rolled out in several countries before the first quarter of 2020, according to the BBC.

The report said the company hopes to start testing "GlobalCoin" at the end of 2019 and more details are expected to be released this summer.

The social media giant has reportedly met several high-frequency trading companies, cryptocurrency exchanges and bank managers in recent months to pave the way for digital infrastructure security for digital coins and users' ability to exchange them for other cryptographic or conventional currencies and make payments.

Reports have closely followed such meetings after Facebook's plans for a digital currency were first reported in December 2018.

The secretive initiative has so far been called "Project Libra" and will reportedly move out in cooperation with banks and brokers to connect the digital currencies with conventional currencies across the globe and to pay with selected online retailers in exchange for lower transaction fees .

Barclays internet analyst Ross Sandler said in March that crypto competition could add as much as $ 19 billion in additional revenue in 2021 to the company.

The news comes after the Financial Times reported that representatives of Facebook and Winklevoss twins Gemini Cryptocurrency Exchange have kept talking about the social media giant's planned digital coins.

Read more: Facebook sometimes held talks with Mark Zuckerberg's archrivals Winklevoss twins for a partnership's new cryptocurrency partnership

This marks the company's second investment in crypto competition, almost 10 years after the digital currencies Facebook Credits were shut down after a failed two years.

Reports of a Facebook coin lifted cryptography on Friday. Bitcoin increased by 5% to about $ 7,960, while ether and bitcoin cash jumped by 7% and litecoin increased by 11%.

Theron Mohamed contributed to reporting.

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