A source with knowledge of Facebook's operations said the project's software has a long way to go until it can be used. Sources attribute the delay to blockchain industry incumbents being reluctant to work on a project that doesn't appear to have the hallmarks of a true cryptocurrency.
According to CoinDesk, Facebook's plan is to connect users' financial information to their personal Facebook profiles. Such data would likley be under Facebook's control, hosted in company databases. There are even talks about integrating with external payment processors like Mastercard, which the Wall Street Journal reported has signed on to help finance the GlobalCoin project.
Sources compared GlobalCoin to Alipay, which allows digital payments across social platforms yet is also associated with Chinese government surveillance, and cited political lobbying as a cornerstone of Facebook's broader effort.
This has created a rift between various partners from the blockchain industry, which were reluctant to work on a project that offered users little control over their digital identities. Sources say Facebook entered fruitless talks with startups Tendermint and Stellar, then even expressed an interest in acquiring MobileCoin, the startup advised by Signal creator Moxie Marlinspike.