CEO of Facebook, Mark Zuckerberg, in line with creating his own crypto dubbed GlobalCoin has had to meet with longtime rivals; the Winklevoss twins.
Facebook’s assigned development team has been working on creating a digital currency for more than a year now. During Facebook’s developer conference in April, Zuckerberg said that Facebook spent time discussing with Jump and DRW with respect to making its cryptocurrency equal in value to the USDollar. Jump and DRW are both high-frequency trading firms.
According to reports, Facebook conversed with Coinbase and Gemini so users can store their coins safely and convert them into other crypto or fiat currencies when necessary.
Gemini is a prominent cryptocurrency exchange owned by the famous Winklevoss brothers. The firm is famous for its links to regulators and also has permission to function as a trust company under the New York banking law. Gemini was among the first set of companies to get approval for their cryptocurrency from the state.
Facebook and the Winklevoss’s disagreement is water under the bridge
The Winklevoss twins and Facebook have been at loggerhead in the past. Some time ago, the Winklevoss Brothers sued Facebook for “stealing their idea of building a social media network”. They demanded a compensation of $65 million and also received $1.25 million worth of shares in the company. In line with the proposed launch of Facebook Global coin, the social media firm have also registered Libra, their Fintech arm, in Switzerland.
Can Facebook Be Trusted?
Last year, Facebook was accused of selling out the personal data of about 85-87 million users to Cambridge Analytica. This year, the social media company was also accused of saving hundreds of millions of user passwords in plaintext files that is accessible by thousands of Facebook employees. The question now is, can we trust Facebook to properly safeguard our money?