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Facebook to charge $10M per license to manage its cryptocurrency network

Companies wanting to help manage one of the 100 nodes on Facebook's cryptocurrency network will reportedly be charged a hefty fee.

Facebook is reportedly planning to charge companies $10 million each to operate the nodes on its future cryptocurrency network.

The social network could be launching its own Facebook cryptocurrency as early as 2020.

An independent foundation would manage the network behind the payments. Facebook is aiming to launch the network with 100 nodes, according to a Wednesday report in The Information (via The Block).

Per node, the license to operate would reportedly be $10 million, which would mean Facebook pocketing $1 billion.

The report said Facebook has already contacted several tech companies and financial institutions to provide capital for the foundation and help manage the network.

Facebook would also want to launch physical ATMs for its cryptocurrency, The Information said.

The social networking giant set up a company in Switzerland to focus on payments and blockchain, the technology powering cryptocurrencies like bitcoin, according to reports last month.

A Facebook cyrptocurrency would be tied to the US dollar, Swiss publication Handelszeitung said, and could therefore remain stable, unlike bitcoin, which started crashing back in 2017.

Source: cnet.com

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