Facebook Receives $10M from Visa, PayPal, MasterCard and Uber for its Crypto Project
Main page News, Libra, Stablecoins, Cryptocurrency, Facebook, Mastercard, Visa, Uber
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June 14, 2019

The social network has just received a major investment for its crypto project from several U.S. giants, including Visa, MasterCard, PayPal and Uber, the Wall Street Journal reported yesterday.

These companies, which operate in different industries, ranging from finance to telecommunications, have invested around $10M in a consortium that will govern the future of Facebook's coin.

So far it was believed that Facebook's crypto would be dubbed GlobalCoin. However, several media say it could actually be dubbed Libra, the name of the company that is working on its development.

It has been reported that Facebook's coin, about which there isn't still any official information, will be a stablecoin pegged to a basket of several fiat currencies.

According to the WSJ, neither Facebook nor any of the members of the consortium will have an effective control over the crypto. However, some members will be able to operate nodes in the underlying network.

Facebook announced its plans to create its own cryptocurrency in May last year. The social network established a special division for this purpose.

The launch of the cryptocurrency is planned for 2020, although Facebook could make the official announcement in the third quarter of this year.

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