The cryptocurrency market is creating a massive buzz in the world since the beginning of the Coronavirus pandemic. From the market-leading cryptocurrency Bitcoin to numerous newly emerging ones like Dogecoin and Shiba Inu coin, all the cryptocurrencies depict a clear vision to be an alternate financial tool of the future trade. As a result, cryptocurrency trade has increasingly gained the attention of many industry investors and market leaders who support cryptocurrency. As a result, the prices skyrocket instantly, giving them and the millions of traders worldwide an opportunity for growth and multiplying their investment in crypto tokens.
There have been many speculations that Tesla & SpaceX CEO Elon Musk might launch a cryptocurrency of his own in the future. In addition, another Silicon Valley giant, Facebook, has stepped up and announced they would be launching their cryptocurrency token called Diem. The project is ongoing, and traders will be able to invest in the cryptocurrency shortly. The main aim behind launching a cryptocurrency is to revolutionize the trade of cryptocurrencies in the market by introducing newer methods and technological advancements.
Diem association, the cryptocurrency project group of Facebook, is all set to launch Diem as a single dollar stablecoin with the partnership of over 26 corporate entities and NPOs. In addition, Diem will introduce an elaborate system of blockchain digital payments, which will permit real-time transactions from Diem stablecoins. The single dollar-backed Diem is said to be issued by the Silvergate Bank of California.
Facebook has a chain of billions of users spread all across the globe on the social media platform and already has a network of digital currency credits for Facebook Games. Mark Zuckerberg(CEO and founder of Facebook) stated the users would be able to transfer funds with little to no fees involved, attracting more and more people to this social media platform.
With the rising popularity of cryptocurrencies, Facebook has decided to launch a duo of cryptocurrency exchange tokens, one stablecoin with a dollar value and another with multi-currency support to facilitate international transactions. Facebook has an advantage over other cryptocurrencies in the market as it has a broad user base spread worldwide, which helps spread the word. In addition, the new cryptocurrency will be backed up with cash, bonds, and governmental securities. Diem as a cryptocurrency will help gain the trust of people worldwide who are still skeptical about the relatively new cryptocurrency trade and mining. Considering the challenges faced by currently active cryptocurrency tokens, Diem has had a significant overhaul of technological features as it went from starting as a primary blockchain network to an advanced protected server for user privacy. Although Facebook has put out a launch date, the Diem stablecoin is likely to go live soon.