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Cryptocurrencies

Facebook to release its crypto in June, employees to take it as salary

Friday 7 June 2019 | 10:54 AM CET

A report in The Information has revealed that Facebook will announce its cryptocurrency later this June, allowing the employees to take their salary in the form of the new currency.

Since 2018, several outlets have reported that Facebook has been building its own digital currency, and users will be able to store, trade, and exchange for regular currency, in part through Facebook apps, such as Messenger and WhatsApp. The report suggests that Facebook is planning physical ATM-like machines where users can buy the currency.

The report says the company is soliciting third-party organisations to act as ‘nodes’ to help manage the cryptocurrency. Cryptocurrency nodes contain the computing power necessary to resolve complicated mathematical equations, which are used to validate transactions. Facebook’s goal is to create a foundation with named partners to help manage its currency, as reported. However, a Facebook spokesperson declined to comment.

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