For years, rumors have been surrounding about the step in of technology giant Facebook in the cryptocurrency industry. And, now, the time has come when it is really going to happen. The technical giant suffering through crisis in recent years is about to unveil its cryptocurrency beating the bitcoin. Named as the GlobalCoin, or Libra, the cryptocurrency will give a tough time to the ruling currencies that have been already widely targeted for their volatility and insecurity. Blockchain and crypto professionals have already been working on new currencies to solve issues associated with famous Cryptos. A few like SGC Stable Coin are working to mitigate their volatility and backing them with physical assets for increased security. Facebook joining the race will take efforts to the next level.
According to a report of The Wall Street Journal, the cryptocurrency will be governed by Libra Association, that’s going to be ruled out any time today, June 18. The association is a consortium of MasterCard, Visa, and other financial firms.
Facebook hasn’t spoken up on its cryptocurrency yet; however, technology journalists are creating a hype of it. Where, Microsoft and other technological giants speaking about their debut in the crypto world, their claims about Facebook are justifiable.
The GlobalCoin, or whatever the giant calls it, will answer the threats bitcoin has posed to stability and security. The revolutionary currency will not be a free-wheeling coin but will be closer to dollar, and sterling in terms of stability. It will allow customers to buy products online without any hassle. And, Facebook is not the only one looking forward to stable crypto coins but entrepreneurs such as SGC gold coin to minimize the financial risk, allowing a high level of security.
The step will have ultimate effects on other currencies, positive on some and negative on others. It will overcome the barriers in the way of cryptocurrency adoption due to its volatility that Bitcoin and Ethereum posed. It will amplify the market of less volatile Cryptos, i.e., secured gold coin that offers secure investment through their physical asset-backed model. Further, the ease of usability and conversion will also leave impacts on the crypto market. There is clear evidence that dramatic fluctuations in the value of crypto have posed halt, GlobalCoin and others will increase its adoption.
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