Facebook crypto Libra get support from Uber,Paypal,Visa..

Facebook's upcoming cryptocurrency have been circulating for weeks, and an announcement from the social network is expected within days. The coin, supposedly called Libra, has a list of financial backers including Visa, Mastercard, PayPal and Uber..

Each company will reportedly invest around $10 million into a consortium, which will govern the cryptocurrency. It'll give the companies the power to operate a node of the cryptocurrency network. Facebook has reportedly been seeking backers to contribute up to $1 billion in total, and the final lineup of supporters is not yet set in stone, said the Journal.

As early as 2020, the social network could then be launching its own Facebook cryptocurrency, which would potentially provide users with an online payments system without fees or international transactions. Facebook will reportedly peg it against government-issued cryptocurrencies in the hope of avoiding the wild fluctuations in value of other coins.

Facebook, which has 2.5 billion global users, more than $40 billion in annual revenue and greater experience navigating regulatory issues, may have a better chance of making a stable coin that sticks. It would be the first large technology company to launch such a project.
Posted On: Jun 17, 2019

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