Copy link
Increase text size
Decrease text size
Link copied

Facebook Crypto Initiative Gets Thumbs Up from RBC Analyst, Expects Big Things

Facebook GlobalCoin.MaxDapp/YouTube

Sun, 16 Jun 2019, 22:55 pm UTC

It would appear that some analysts are already salivating at the mouth simply thinking about what the cryptocurrency initiative that Facebook will be launching soon will mean for its bottom line. RBC analysts Mark Mahaney and Zachary Schwartzman made their thoughts known to investors on the matter. It would appear that they have high hopes.

The analysts provided their initial speculations with regards to the upcoming launch of GlobalCoin and all of the implications that come with it in a note on Thursday, CNBC reports. It’s expected that the white paper for the cryptocurrency will be released on June 18 and suffice it to say, it is generating a ton of excitement.

“We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams,” the note reads. “We believe Facebook will use crypto to facilitate a platform for: 1) Payments; 2) Commerce; and 3) Applications & Gaming.”

Now, it’s worth pointing out that with Facebook’s size and influence, along with its unique position of being the largest social media platform in the world, it does have the potential for a market shakeup. The tech company will basically have the kind of reach that other cryptocurrency providers and hubs could only dream of.

If Facebook decided to integrate GlobalCoin into all of its operations, from sending donations to influencers to paying for goods on its marketplace, it can be quite the game changer. On that note, a lot of crypto enthusiasts are not impressed by the initiative, at all. Many view this move to be the latest in a long list of Facebook’s attempts to be relevant in fields other than social media.

While the prospect of GlobalCoin will likely convince millions, those who have been around the crypto block know better. A lot of the most notable figures in the field like Charlie Shrem have already expressed doubts with regards to the Facebook project.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,608.41 (-1.36%)
  • Ethereum (ETH) $166.21 (-1.69%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $341.41 (+0.15%)
  • Bitcoin SV (BSV) $290.49 (-8.14%)
  • Bitcoin (BTC) $8,608.41 (-1.36%)
Jan 22, 2020 (Wednesday)
13:12
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:12
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
13:08
Mastercard, Standard Chartered and others join Singapore’s blockchain-based TradeTrust network to digitize international trade
12:01
Crypto Technicals: BCH/USD finds stiff resistance at 55W EMA at 358.85, break above to propel prices higher
10:48
Crypto Technicals: LTC/USD grinds higher, retraces brief dip below 200H MA
10:47
Square Crypto makes first major project announcement
10:17
Crypto accounting service Cryptio selected for ConsenSys’ Tachyon, reveals plans for 2020
09:08
Binance’s global P2P merchant program goes live
08:54
Huobi Group launches its own crypto brokerage platform
07:40
3 executives including founding team members leave SIX Digital Exchange (SDX)
07:17
Turkish City works on a new cryptocurrency to serve citizens better
06:54
Vodafone quits Facebook’s Libra to focus on own digital payment service M-Pesa
06:54
Crypto Technicals: ETH/USD correction holds above 110-EMA, set to resume upside as bias remains bullish
06:04
Grayscale Bitcoin Trust becomes SEC reporting company
05:42
Crypto Technicals: BTC/USD struggles to extend recovery, 'Death Cross' on hourly charts weighs
05:42
Six central banks team up to explore potential cases for CBDCs
04:46
Australia's APRA wants to supervise digital wallets like Facebook's Calibra
04:26
Didn’t ban cryptocurrencies but ringfenced banks from it, clarifies Reserve Bank Of India
Jan 21, 2020 (Tuesday)
12:25
Brave New Coin announces ‘Twitter Sentiment’ data for bitcoin
11:30
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft