According to the report, Facebook is in talks with companies to lure them to pay $10m to operate an intersection that can affirm the transactions made with the cryptocurrency, in exchange for a seat at the governing table of the token.
In December 2018, Bloomberg reported that Facebook had its own cryptocurrency in the works, allegedly for WhatsApp money transfers, a "stablecoin" backed by the United States dollar. Presumably, any merchant with an account on these platforms could transact in the cryptocurrency with customers who also have accounts - for anything, such as online purchases, and physical-world purchases such as groceries and restaurants.
The company declined to comment on the matter. As to what the currency will be used for, the most likely is paying for advertising on Facebook.
Along with the overview, it will also launch a whitepaper explaining the details regarding working of Facebook's on-platform currency. The company is also working on fraud prevention measures, including "more stringent forms of identity verification", The Information reported.
But not everybody at Facebook is as excited about crypto as Mark Zuckerberg, the report notes.
Laura McCracken, Facebook's head of financial services and payment partnerships for Northern Europe said that GlobalCoin would be revealed later this month, saying that a white paper for the token would be published on June 18. Spencer Bogart, a partner at venture capital company Blockchain Capital, has also recently said that having billions of users, Facebook could in theory bring digital assets closer to a large number of potential users and could even act as a "dramatic catalyst". According to The Information, chief operating officer, Sheryl Sandberg, and chief financial officer, David Wehner, have expressed reservations internally.