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Building Globalcoin: Facebook reaches out to Coinbase and Gemini

James Dendson

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The largest social network in the world has been holding important meetings with major exchanges regarding the launch of its own cryptocurrency, which could be ready by 2020.

It has recently been reported that Facebook has held a series of meetings with Coinbase and the Winklevoss twins, founders of the Gemini exchange, despite being former rivals of Mark Zuckerberg. These events seem to point to the fact that the Facebook project is going in the right direction and will study the field in the hands of the most experienced.

Anonymous sources have confirmed that Facebook has established a series of negotiations with famous crypto-related companies to ensure that its stablecoin is linked to the US dollar, enjoys liquidity and is safe to trade.

These firms have refused to reveal specific details regarding the Facebook project (they probably had to sign a discretion agreement), although it is a fact that the Libra project will have the direct participation of the aforementioned parties.

Facebook has ensured that its new cryptocurrency will specialize in payments but not on a simple scale, as Globalcoin intends to expand and accept users from all over the world. Facebook’s digital asset will not only serve for purchases within the social network, but it will also extend to Instagram, Messenger, and WhatsApp to offer its functions to as many users as possible.

Although Facebook’s expansion plans sound very promising, it will have to deal with setbacks due to regulations, as there are still many nations that put legal barriers on cryptocurrencies and consider them a threat to their economies.

In early May, Facebook registered a new financial technology firm, which will be based on blockchain and finance, thus offering services for payment solutions, storage of information, confirmation of identity, data analysis, among other functions related to the processing of valuable data. It is estimated that Globalcoin is ready to start reaching user wallets for next year.

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Blockchain

Global funds network Calastone is basing its whole system on Blockchain

James Dendson

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Calastone, the company for the transformation of digital funds worldwide has decided to revolutionize its system by replacing it entirely with its fund trade clearing services based on blockchain.

The reports state that the largest community of global financial services has been formed using blockchain technology through the migration of more than 1,800 customers of the company in 41 markets. The effectiveness and speed of transactions using Distributed Market Infrastructure has broken the efficiency schemes within the company. It is estimated that after taking this measure, it will be possible to save revenues for market funds close to $ 4.33 million annually.

The report states that financial services around the world can use DMI to access a fully mutualized global funds marketplace whereby the trading, settlement and funds servicing is conducted in real-time, regardless of their size or reach.

This system change can also mean the creation of a real-time shared view of all historical records between trading partners at any point in the distribution chain, breaking down the most salient details for financial operations and optimizing investment fluidity.

Calastone said at the end of last year that these modifications would be applied in May of this year, so very soon investors can start enjoying this new system based entirely on blockchain.

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