Facebook will start testing on its new cryptocurrency ‘GlobalCoin’ by the end of this year.
It plans to fully roll out the stable coin by the first quarter of 2020.
Facebook plans to partner with banks and brokers in order to create places where people can exchange their currency into GlobalCoin.
A number of online merchants are in talks with Facebook to accept the currency as payment.
In order to combat fluctuations in the price of the currency, Facebook will peg the value of the currency to several existing currencies, including the US dollar, euro, and Japanese yen.