The last time they saw each other was in the courtroom. Now Mark Zuckerberg and the Winklevoss twins have gathered around the table to discuss cryptocurrencies, specifically what Facebook would be developing in the secret of the Menlo Park offices. At least this is what the Financial Times claims that adds some other details to the social network project for the creation of a cryptocurrency for payments among its users. And perhaps also for other additional features.
What now seems certain is that the Zuckerberg group is near the time of the launch of its Facecoin, which could be operational early next year, according to some sources. In this context, the Facebook team, led by former PayPal CEO David Marcus, in which a couple of people specialized in compliance coming from Coinbase would enter in the last few weeks, would be fine-tuning the details related to the operation of the markets. According to the British financial newspaper, there would be ongoing contacts with Jump and Drw, companies specialized in high-frequency trading, to guarantee liquidity to the digital currency market.
In addition, Facebook would also meet with representatives of two of the main cryptocurrency exchange platforms, Coinbase and Gemini, which could be used to convert Facecoins into other cryptocurrencies or into legal tender currencies. None of the companies involved, starting with Facebook, has made comments.
Gemini is the exchange created by Cameron and Tyler Winklevoss, who leapt to the headlines for bringing Zuckerberg to court in 2004 on the charge of stealing the idea behind Facebook. The lawsuit ended with a judicial settlement of $ 65 million in cash and shares in favor of the twins. Who have bet good paret of that sum on bitcoin, investing in cryptocurrency when it was worth 120 dollars (today it is worth just over 8 thousand after a peak of almost 20,000 at the end of 2017) and then opening the exchange. The two Winklevi, as they are ironically indicated, were represented in the movie The Social Network, as rather ridiculous characters, an establishment defeated by the Zuckerberg geeks. Today, on the other hand, they present themselves as great innovators to whom a Facebook in clear difficulty after all the events and accusations of the last few months linked to the unscrupulous use of data turns to create a financial system that should be the fulcrum around which the new strategy will revolve of the integrated group between Facebook, Instagram and WhatsApp. According to the Financial Times, which cites sources close to the project, the idea of the cryptocurrency would be “wider and more open” than a simple payment instrument.
The Facecoin will almost certainly be a stablecoin, a cryptocurrency linked to the value of a legal tender currency, whether it is the dollar or a basket of currencies, so as to drastically reduce its volatility. At a glance, Gemini received the go-ahead from New York financial authorities last year to launch the Gemini dollar, a digital currency fixed to the US dollar. JP Morgan would also have a stablecoin tied to the dollar to enable payments between the bank’s customers.