Facebook's cryptocurrency will be 'available at ATMs'

GlobalCoin could do what bitcoin has failed to do in its 10-year history by achieving mainstream adoption

The Facebook logo is displayed during the F8 Facebook Developers conference on April 30, 2019 in San Jose, California (Justin Sullivan/Getty Images)

Facebook is weeks away from launching its own cryptocurrency, with reports suggesting it will be available within its suite of apps, as well as through ATM cash machines.

Rumours of the bitcoin-style currency have been circulating since early last year, when Facebook created a new blockchain division within its company.

The social network, which is used by more than two billion people around the world, is yet to officially reveal any details but various leaks have given an indication of what to expect.

Most recently, TechCrunch spoke with numerous investors briefed on the project, codenamed Libra, about how the cryptocurrency will be rolled out across the technology giant's social media and messaging apps, which include Instagram, Messenger and WhatsApp.

Users of the apps would even be able to buy the GlobalCoin cryptocurrency, as it is reportedly called, from physical locations like ATMs.

The cryptocurrency could do what bitcoin has failed to do in its 10-year history by achieving mainstream adoption. Facebook is rumoured to be in talks with various organisations and is expected to launch the cryptocurrency as early as next year.

Facebook declined to comment on any rumours surrounding the cryptocurrency, with a spokesperson telling The Independent that the company is simply "exploring ways to leverage the power of blockchain technology".

It is understood that GlobalCoin will be pegged to a basket of currencies, such as the US dollar and euro, in order to stabilise its value and make it a viable form of currency.

It is also likely to face competition from rival messaging apps, including Telegram.

Telegram is expected to launch its so-called GRAM cryptocurrency later this year, though Telegram has significantly less users than Facebook and is banned in several countries, including Russia.