Crypto space on the verge of its biggest boom as the traditional giants are taking big strides in the industry, with some launching their own tokens, while others backing existing currencies. Facebook, the social media behemoth, is all set to shake the market with the launch of its stablecoin on June 18.
The emergence of Facebook on the crypto scene brought big hopes for mass adoption, and the expectations keep on growing by the day. It has now come to light that the social media company has secured backing from more than a dozen business corporations, including Uber, PayPal, MasterCard, and VISA. Such huge companies backing the soon-to-be-launched digital currency gives it a big boost in terms of credibility among potential investors.
The user base was never a problem for the success of Facebook’s token, as the platform has over 2 billion users across the globe. The problem is credibility, especially after the controversies in the recent past. The Cambridge Analytica debacle still haunts the company, and therefore, gaining the trust of users has been the top priority. Backing from these blue-chip corporations is just what the doctor ordered. Many experts have predicted that Facebook’s token to be immensely successful and could be the next big thing, crushing competition hands down.
Other than these four stripes, Booking.com, and MercadoLibre, though there’s no info of what their role would be. Despite many have touted the highly anticipated token to be called GlobalCoin, there hasn’t been any confirmation officially. In fact, Facebook has done a fantastic job is maintaining secrecy around the coin, preventing any leak of vital info.