Visa, Uber and PayPal Will Back Facebook's Crypto Asset

Facebook's cryptocurrency-based payments system gets big backers- WSJ

Facebook's cryptocurrency-based payments system gets big backers- WSJ

Earlier today, news broke that Facebook has allegedly sealed backing from over a dozen firms that include Visa, Mastercard, PayPal and Uber for its soon-to-be-unveiled cryptocurrency project, dubbed "Libra".

Facebook announced it was launching GlobalCoin last December, though the company indicated that it was looking at cryptocurrency as far back as the end of 2017.

It has been a decade since bitcoin was born, yet consumers hardly use it or the hundreds of other cryptocurrencies to pay for things.

A separate report from The Information last week said that Facebook is hoping to enlist as many as 100 organisations to act as "nodes" in the network, which will limit any single organization's control over the digital currency (including Facebook). Libra seems to be the latest addition to the list.

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The publication writes that each firm will invest around $10 million into a consortium that will govern the effort.

Facebook's new cryptocurrency will be pegged to the value of the basket of government-issued currencies, which will enable it to avoid the wild price swings of other digital currencies such as Bitcoin. Facebook is betting it can change that with a crypto-based payments system built around its giant social network and its billions of users.

Moneycontrol could not independently verify the report. "It is still not entirely clear, even to some members of the consortium, how the coin will work or what their roles will be", wrote the Journal.

The white paper for the project, which is expected to be released next week, will be signed by all partner companies, the report stated.

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