Facebook Coin to be Unveiled in June, 'Nodes', ATMs Coming

Report: Facebook Will Charge $10M For a Validator Node to Run Its Cryptocurrency

After limited updates on its cryptocurrency project over the past year, since it was first announced by The Social Network, Facebook is now reportedly ramping up its plans, with more information on the project - codenamed "Libra" - believed to be forthcoming later this month.

Third-party firms will supposedly pay as high as $10 million for the chance to act as a node (as the firm calls it).

Facebook also has the unenviable task of dealing with regulators who have been sceptical about cryptocurrencies at large. According to the report, Facebook is looking at partners for the cypto project, who are likely to be charged a licensing fee ($10 Mn per partner) to help back the cryptocurrency with fiat currency to keep it stable.

It will also provide more data to Facebook for measuring ad strategy and ranking to give a boost to its main business. Igor Sechin, CEO at Russia's largest oil company Rosneft, said that his company wouldn't rule out accepting Facebook's cryptocurrency for oil payments.

Facebook will release a white paper detailing the mechanics of the currency on June 18. The aim of the node is to validate transactions, on the new network for Facebook's native stablecoin.

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Surprisingly, The Information's report also revealed that the company is planning to release physical machines similar to ATMs where users can buy its cryptocurrency in person.

The high price is a tough sell, given that Facebook's GlobalCoin may not be successful. Once it goes live, Facebook's cryptocurrency would try to compete with traditional payment methods like cash and credit card transactions.

At the initial stage, the decentralized network of GlobalCoin will consist of 100 nodes, which will allow Facebook to raise at least $1 billion for the project development.

Later in May, Facebook started hiring for its cryptocurrency-based payments on its platform that has 2.38 billion users. Insiders say Marcus has focused on a digital currency, which users will be able to store, trade, and exchange for regular currency through Facebook apps including Messenger and WhatsApp.

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