Zilliqa (ZIL) Rises on Rumors It Will Host Facebook’s Cryptocurrency

Anthony Quintano / Flickr

A recent report indicating Facebook (FB) is planning to unveil its cryptocurrency later this month has generated excitement for one existing cryptocurrency: Zilliqa (ZIL).

According to a Wednesday report in The Information, Facebook is planning to present its new stablecoin, “Globalcoin,” and its whitepaper during a June 18 announcement event. The report indicates Facebook is soliciting third-party organizations to act as “nodes” to help manage the cryptocurrency with a $10 million cost to run a node.

While unconfirmed by the company, it sounds like Facebook is planning to roll out physical ATM-like machines where users can buy the currency. Additionally, employees working on the project will be able to take their salary in the new currency, the report says.

How Zilliqa Figures In

Making things more interesting for crypto investors, there is speculation that Facebook could be working with Zilliqa to launch the new stablecoin on the blockchain project’s platform.

The core of the speculation is driven by the fact that Zilliqa Day 2019 lands on June 18 this year, the same date as the Facebook announcement. Add to that the fact that Evan Cheng, the current head of blockchain at Facebook, is an advisor of Zilliqa, and the rumor gains a bit more credence.

Before the 18th, Zilliqa is planning to launch smart contracts on June 10, a major milestone for the project.

As a result of the speculation, ZIL is currently up more than 10% to $0.023603, giving the altcoin a $204.9 million market cap.

More: Facebook will reportedly announce cryptocurrency this month, allowing employees to take it as salary
Recent: Facebook Plans Outside Foundation to Govern Cryptocurrency
Image: Anthony Quintano / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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