Facebook’s crypto project backed by Visa, Mastercard, Paypal and Uber

Facebook is releasing its own cryptocurrency Globalcoin. Now, the Wall Street Journal reports that the social media giant has secured funding from dozens of different companies.

Among the companies, we find giants such as Visa, Mastercard, Paypal and Uber, Cointelegraph reports.

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$10 million each

According to sources of the Wall Street Journal, each company has invested around $10 million in a kind of consortium that will control the new cryptocurrency “Libra”.

The consortium itself has reportedly been named the “Libra Association”. The idea is that neither Facebook nor any of the members of the consortium themselves should have complete control over the cryptocurrency, but rather everyone should run nodes on the network.

The idea is that the cryptocurrency will be a so-called “stablecoin” which is backed up by several larger national currencies. The purpose of this is to avoid volatility in the price, Cointelegraph reports.

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