The release of Facebook’s cryptocurrency is due today, and the crypto-community is very eagerly waiting for all the details. Globalcoin/Libra will mark a milestone event for the emerging industry. Facebook sees a net profitable move by introducing its cryptocurrency.
Winklevoss twins, the arch-rivals of Mark Zuckerberg are currently leading the cryptocurrency industry with their Gemini Exchange and Trust fund. Moreover, they have concentrated their efforts around building a system around cryptocurrencies like Bitcoin and Ethereum rather than introducing one.
Tyler and Camera Winklevoss have made strong statements on Twitter recently targeting all Technology Giants together known as FAANG. FAANG is an abbreviation for Facebook, Apple, Amazon, Netflix, and Google.
Prediction: ever FAANG company will have its own coin within 24 months.
Which FAANG company will be next to announce a stablecoin? Amazon?
They seem to be pointing towards a tokenized economy around the world. However, the interoperability of these tokens and their effects on existing cryptocurrencies is a reason for apprehension and speculation.
According to estimates, it has been established that Facebook cryptocurrency can increase the revenue of the company significantly. The share price of Facebook has also been on the rise since the announcement. It rose by another 3% yesterday. The price of FB inc, at 5: 00 hours UTC on 18th May 2019 is. Moreover, Bitcoin traders also saw this as a good piece of news which will credentialize the space.
However, Tuur Demeester, Research Analyst and Founding Partner at Adamant Capital noted that the exercise of introducing a cryptocurrency could be futile in the long run. The company stands to bear the extra cost through a regulatory compliance department, managing vast reserves of FIAT and cryptocurrency, and increased risk of manipulation and volatility in price. He tweeted,
I don’t see the use of introducing massive friction by forcing a novel blockchain-based currency on customers: lose-lose prop.
XRP Initiates Token Wars
Reportedly, Facebook’s currency is backed by big names in the industry, including payments Giants VISA, MasterCard, and PayPal. The cryptocurrency could be directly leveraged to provide global refunds with early adoption.
Nevertheless, XRP, the cryptocurrency designed for centralized payment, which stands at the highest risk of losing market due to there projects, also announced a strategic partnership with MoneyGram. Anthony Pompliano tweeted,
Ripple not going down without a fight though — they just agreed to invest $50M in MoneyGram to accelerate adoption. The token wars are upon us!
Which cryptocurrency do you think will come out on top? Will Cameron’s Prediction come true in a year? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com