Running Facebook GlobalCoin node will cost $10 million in licensing fees

Official announcement of GlobalCoin coming this month.

Rumors about Facebook's cryptocurrency have been around for almost a year, but the social media giant has kept quiet about the development of GlobalCoin.

According to the latest report from The Information, Facebook is set to announce the cryptocurrency this month.

While no detailed information about the exact date was provided, the report cited sources inside Facebook that were briefed on the plan.

The same sources also revealed that Facebook was soliciting third-party organizations that would act as nodes to help the company manage its cryptocurrency.

Facebook has also discussed charging a $10 million licensing fee for the rights to operate a node, the report revealed.

The company reportedly reached out to dozens of tech companies and financial institutions to create an independent foundation that would operate GlobalCoin.

Every node operator will also be allowed to send a representative to the foundation, the report revealed.

With plans to launch 100 nodes, Facebook could, in theory, generate $1 billion in licensing fees in the first year GlobalCoin is launched.

While the cryptocurrency is expected to be used within Facebook's app ecosystem first, the report revealed that the company is planning partnerships with various merchants that would accept payments in GlobalCoin.