![facebook-money.png](https://cdn.steemitimages.com/DQmQ94QtmVnsLDAKBH2EBtUvYZ2TYTSHk8FrABR4yg4nndL/facebook-money.png)

Facebook will finally release official communication or a white paper on its crypto project called Libra. So far, here are some advance information regarding the launch, the name of the coin would be Libra and not GlobalCoin as earlier reported. Release of the white paper is scheduled June 18th and will be available for testing towards the end of the year but will be formally launch to initial dozen countries.

The team behind it: MIT’s Christian Catalini is the Facebook crypto project’s chief economist. Sunita Parasuraman is the manager of the Switzerland-based foundation leading the token project. Meanwhile, some of the 10 executives working under Facebook blockchain lead David Marcus are based in Israel.

Facebook’s cryptocurrency will be a stablecoin pegged to multiple fiat currencies. The coin will be transferrable with zero fees via Facebook products including Messenger, Instagram and WhatsApp. Facebook is working with merchants to accept the token as payment, and may offer sign-up bonuses including  physical ATM machines to withdraw your coins to fiat.

Facebook is in talks to create an independent foundation to oversee its cryptocurrency, The Information reports. It’s asking companies to pay $10 million to operate a node that can validate transactions made with its cryptocurrency in exchange for a say in governance of the token. It’s possible that node operators could benefit financially too.

For more information:

https://www.forbes.com/sites/billybambrough/2019/06/06/facebooks-radical-bitcoin-beating-cryptocurrency-plans-revealed/#608cba933564 

https://techcrunch.com/2019/06/06/facebook-libra-launch/ 

https://www.coindesk.com/more-details-emerge-on-team-behind-facebooks-secretive-blockchain 


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