PokeCoin... Or ZuckCoin? According to the BBC, Facebook's calling its cryptocurrency "GlobalCoin" and plans to launch in 12 countries by next March. GlobalCoin would be a "stablecoin," meaning its value is tied to a sturdy government currency like the US dollar. Plus, Facebook's ex-(kinda)-founders, the Winklevoss twins, are involved:
- The Codename: "Project Libra" is what Facebookers are calling this project, with over 50 engineers working on it.
- The Ambition: CEO Mark Zuckerberg made it clear at Facebook's annual conference: "It should be as easy to send money to someone as it is to send a photo."
- The Homework: Facebookers are meeting with credit card companies, brick and mortar stores, and central bankers to figure it all out.
Kill fees... Any way you pay, you're probably paying them – 2% on a credit card swipe (the restaurant pays) or $25 on an international wire (you pay). ZuckCoin's goal is fee freedom. Drop part of your paycheck in a Whatsapp message to send back home, or pay Timmy the cost of your Avo Toast + tax + tip in a FB Message.
“Network effects” are Facebook's advantage... That's when a product's value grows as more people use it. Payment rivals like PayPal's Venmo or Square's Cash App need you to download the app for it to grow their user base. With 2.4B users already installed, Facebook just needs to convince you to give it a try (and ignore its major privacy issues).