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Cryptocurrencies

Facebook to charge USD 10 mil per license for its cryptocurrency network

Thursday 6 June 2019 | 12:49 PM CET

Facebook has reportedly planned to charge companies USD 10 million each to operate its 100 nodes on the future cryptocurrency network.

The social network could be launching its own Facebook cryptocurrency in 2020. As per a report in The Information via The Block, Facebook is aiming to launch the network with 100 nodes. Also, an independent foundation would manage the network behind the payments.

Moreover, the license per node would reportedly be USD 10 million to operate, which means that Facebook would be pocketing USD 1 billion. According to the report, Facebook has already contacted several tech companies and financial institutions to provide capital for the foundation and help manage the network.

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