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The "crypto" opportunity of Facebook raises great expectations.
"We believe this could be one of the most important initiatives in the company's history to unlock new sources of commitment and revenue," Mark Mahaney and Zachary Schwartzman of RBC Capital Markets said on Thursday. Capital.
Both experts expect the currency to be used for payments, commerce, applications and games – in the Facebook ecosystem, which includes the social media platform based on Instagram images and the WhatsApp encrypted mail service.
Mahaney and Schwartzman also repeated their previously announced expectations that Facebook would publish their currency data. June 18 White Paper, following in the footsteps of Satoshi, to explain the basic protocols that will underlie Libra, the internal code name of the project.
RBC has announced its intention to offer an badysis of the document when it is released, "to help investors badyze the underlying cryptoeconomy of the token".
According to rumors, the currency would be a stable euro backed by a number of global fiduciary currencies.
It has been in development for more than six months – although the company has indicated that it plans to bury cryptocurrency in the social network by the end of 2017 – and employs 100 people working on its development. This includes two former compliance officers who left Coinbase in May.
Facebook would offer employees the option of taking their salary in the new currency. It has not been confirmed whether the $ 514 billion company will offer incentive offers in GlobalCoin.
"More and more people will be turning to Bitcoin for a simple reason: Bitcoin is rare, unlike Facebook cryptocurrency, and people will migrate over time to the most honest big book to store their hard-earned wealth. – and these are neither currencies nor derivatives of it, including Facebook's cryptocurrency, "wrote Caitlin Long of the Wyoming Blockchain Task Force.
Now everyone is so excited about the product. The crypto-notable Charlie Shrem said:
I'll just say it.
I think the "FacebookCoin" is an attempt by big tech, banks and credit card companies to attract Bitcoin people to "better, easier, crypto," which is nothing more than a fiat coin pretending to be crypto.
Millions will be fooled.
A lobbyist Standard Chartered will join Facebook's crypto-unit staff in September, possibly to contribute to the EU's political and regulatory control. Facebook emissaries reportedly had lunch with the governor of the Bank of England to see how the project could progress in the country under the Brexit.
Visa, Mastercard, PayPal and Uber support GlobalCoin up to $ 10 million. This is in addition to the $ 1 billion funding provided to the CR. Nathanial Popper of the New York Times said that Facebook was looking for an investment or a guarantee.
As far as Facebook has come up, the company has also acquired the smart contract maker, Chainspace, to help development.
RBC has an outperformance rating on Facebook with a price target of $ 250 per share. Facebook shares rose more than 35% this year at Thursday's close, at $ 177.47 a share.
Image via Shutterstock.
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