Facebook has been quietly working on developing a cryptocurrency that is scheduled to launch in several countries in the first quarter of 2020, Business Insider reports.
The social media giant will begin testing its GlobalCoin by the end of 2019. Facebook's blockchain and cryptocurrency projects have been quietly developing since December 2018. Named "Project Libra," the cryptocurrency will roll out in conjunction with banks to connect the digital currency with other traditional currencies.
Facebook has discussed its cryptocurrency developments with various trading firms, exchanges and banks in recent months, reports Business Insider. Facebook could add $19 billion in revenue by 2021 with its cryptocurrency, Barclays internet analyst Ross Sandler said.
This is not Facebook's first attempt at developing a cryptocurrency. Nearly 10 years ago, Facebook Credits was shut down after two unsuccessful years, according to Business Insider.
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