With 100 people already working on Facebook’s $1 billion cryptocurrency project and 40 more positions still open, the social media giant is causing a lot of speculation among crypto-buffs. Facebook has already had talks about launching their stablecoin, pegged to the U.S. dollar, euro or Japanese Yen, with the Commodity Futures Trading Commission.
Since Facebook's digital currency is a stablecoin, it will be less volatile than other digital currency and Facebook could offer employees part of their salary in its new coin. Facebook users could get paid fractions of their coins to view ads. Facebook is calling their new digital currency GlobalCoin. People will be able to use GlobalCoin for payments on WhatsApp, Messenger and Instagram. It will most likely also be available through special ATM-like machines. To encourage businesses to accept Globalcoin, Facebook is reportedly offering online merchants a low transaction fee. With Visa and MasterCard announcing they will begin charging merchants more, Facebook may even offer no transaction fees to get as many merchants on board as possible.
David Marcus, the former PayPal president and Coinbase board member, heads the project. Developer Eric Nakagawa, founder of the popular I Can Has Cheezburger? website is also working on the project. Open positions include blockchain lead counsel, product manager, applications security engineer and more. According to the job descriptions, Facebook wants to improve the lives of people worldwide with blockchain technology. They spoke with Western Union about a way for the unbanked to send or receive money affordably.
Facebook's 1.5 billion daily users will give the social media platform a way to dominate the global payment market. In developing countries, much of the Internet commerce takes place on social media. Additionally, Facebook's digital coin could make cryptocurrency mainstream in the United States. Currently, only about eight percent of Americans use a cryptocurrency.