Altcoin News: Visa, Mastercard, Uber, and PayPal Invested in Facebook’s Crypto Project

June 14, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Marko Vidrih
Jun 14 · 2 min read

Visa, Mastercard, PayPal, and Uber are among the investors of the cryptocurrency project Facebook, writes The Wall Street Journal.

According to the publication, the social network has gained the support of more than a dozen organizations that have shown interest in its cryptocurrency GlobalCoin. Each of them will invest about $10 million in a consortium that will take over the project management function. The funds received will be used to provide stablecoin pegged to a basket of national currencies.

The WSJ also mentions that Stripe, Booking.com, and MercadoLibre are taking part in the project, but their role is not specified.

For the first time information about the development of Facebook cryptocurrency appeared last December. It is expected that it will be used by users of the company’s services, such as WhatsApp, Instagram, and Facebook Messenger, as well as by third-party subjects of trading activities for making calculations.

Earlier it became known that for its cryptocurrency project, Facebook could try to raise $1 billion. It is assumed that in order to attract investors, the social network will offer the opportunity to get node rights in a new network. According to the media, we are talking about 100 nodes, the potential owners of which are invited to pay $10 million.

Author: Marko Vidrih


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