Facebook CEO Mark Zuckerber In Talks With Winklevoss Twins For Crypto Project

Facebook CEO Mark Zuckerber In Talks With Winklevoss Twins For Crypto Project

May 27, 2019

Facebook CEO Mark Zuckerberg has reportedly held talks with the Winklevoss twins, owners of crypto exchange Gemini, to launch its own cryptocurrency.

Reports suggest that Facebook’s crypto project, called Project Libra, intends to start testing the stablecoin, dubbed GlobalCoin, by the end of this year. Zuckerberg has reportedly met with Bank of England Governor Mark Carney to discuss the opportunities and risks associated with cryptocurrencies, and has also reached out to the officials at the US Treasury for advice on related operational and regulatory issues.

A new report from the Financial Times (FT) stated that Facebook is now holding talks with major crypto exchanges, including Gemini, which was founded by Tyler and Cameron Winklevoss, who share a past with Zuckerberg. The Winklevoss twins, classmates of Zuckerberg at Harvard University, sued the Facebook CEO in early 2004 for stealing their idea for building a social networking site. After many years of legal back-and-forth, the Winklevosses won a settlement from Facebook estimated to be worth $50 million or more.

In addition to Gemini, sources familiar with matter told the FT Facebook has also met with crypto exchange Coinbase as well as Chicago’s largest high-frequency trading firms Jump and DRW. According to the sources, the social media giant is probably assembling the partners and digital infrastructure needed for its users to safely store their digital coins, exchange them for other cryptocurrencies or conventional currencies, and make payments.

Facebook is reportedly working on a way to use GlobalCoin to facilitate payments through WhatsApp. GlobalCoin also would allow Facebook’s 2 billion users to exchange money as well as buy things on Facebook’s other platforms, such as Instagram.

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