RBC Capital Markets gets very excited about Facebook crypto project

The launch of Facebook’s GlobalCoin cryptocurrency will be a milestone moment for the social media giant, according to RBC Capital Markets.

“We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams,” RBC analysts Mark Mahaney and Zachary Schwartzman said in a note to investors.

The FI expects a whitepaper from Facebook on 18th June, outlining the long-term strategy for GlobalCoin. It plans to give an analysis of said paper “to help investors analyse the underlying cryptoeconomics of the token.”

“We believe Facebook will use crypto to facilitate a platform for: 1) Payments; 2) Commerce; and 3) Applications & Gaming,” Mahaney and Schwartzman said.

Be afraid, Ripple, be very afraid

GlobalCoin could also be a milestone moment for Ripple, but not in a good way. It will do away with the need for hundreds of altcoins, including XRP, according to crypto analyst Max Keiser.

In a tweet dated 7th June, he said: “The altcoin apocalypse is nigh. This will drive Bitcoin higher as BTC competes with gold, not fiat”. Crypto payments ventures could also be wiped out, he added.