Facebook's Shares Climb As More Information On Its Cryptocurrency Are Released

Facebook’s shares are climbing as more and more information leaks about the release of their new cryptocurrency, according to Bloomberg. This is all coming ahead of Facebook’s June 18 release of a white paper that will be outlining the fundamentals of their cryptocurrency.

News came out Friday that more than 12 companies are backing Facebook’s new venture and is comprised of some big names including Visa, Mastercard, PayPal and Uber. Facebook also announced the hiring of Ed Bowles, the head of public affairs for Standard Chartered Bank. Bowles will be the public policy director for Northern Europe, in charge of handling the scrutiny expected to come from Northern Europe.

The project has caught the attentions of many, including Global investment bank RBC Capital Markets, according to CNBC. RBC believes this is a huge moment for Facebook, “We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams,” said RBC analysts Mark Mahaney and Zachary Schwartzman.

Facebook’s coin will have many applications, it is expected to be used in applications and gaming, payments and commerce. There is expected to be ATM style terminals where users can exchange their coins for fiat currency. Employees will even be able to accept part of their salaries in the new coin.

All eyes will be trained on Facebook, June 18, as they announce what might be the biggest moment in both company and cryptocurrency history.

Author Ramsey Baker

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