Facebook to launch ‘Global Coin’ cryptocurrency
Whenever people think of social media, Facebook is the first thing that springs to mind, closely followed by Instagram and Snapchat: the big players. With Facebook, it’s clear that they are constantly making updates and changes to the platform, that if we’re honest we initially hate but then soon can’t remember a time before! This is probably one of the reasons Facebook is one of the most popular social media sites even after all these years.
The newest hype from Facebook includes introducing a Global Coin cryptocurrency, allegedly due for launch on 18th June. I won’t bore you with the ins and outs of Bitcoin-esque terms, but as you can imagine it’ll be a digital currency at an ‘affordable’ rate which will secure our online and in-app payments; and you don’t even necessarily need a bank account. Users will be able to exchange money, incl. international currencies into these digital coins and purchase away across the internet.
Simply put: “The social networking site, […] is hoping to disrupt existing networks by breaking down financial barriers, competing with banks and reducing consumer costs.” (Source: BBC). We have already seen the Facebook network start pushing their way into the e-commerce space with Instagram introducing shopping tags and creating the ability to actually buy ‘in-app’ and book appointments without going onto a website. So, it’s no surprise that Facebook are stepping up their game with this eluded cryptocurrency.
All Response Media viewpoint
Paid social is of course a huge part of our offering, so we’re constantly engaging with users to try and influence them to convert. Our usual approach is changing imagery and copy and targeting different people to get the purchases as cheap as possible. With the birth of the cryptocurrency, are we going to see our cost per thousand (CPM’s) become cheaper and our conversion rates soar as users never have to leave the app or even type in their card details?
Facebook CEO, Mark Zuckerberg states: “I believe it should be as easy to send money to someone as it is to send a photo.” We’re excited to see the affects this currency will have on our usual KPI’s and benchmarks. Depending on its launch strategy and subsequent uptake, it could become a game-changer for the medium, or it could be more of a five-minute wonder.