Uber, PayPal, Visa to Back Facebook's GlobalCoin Cryptocurrency

Cornelia Mascio
Giugno 15, 2019

Visa and Mastercard are reportedly quite invested in the currency while other Silicon Valley firms such as PayPal, Uber, Stripe, and Booking.com are fully supporting the currency.

Facebook has reportedly landed Visa, Mastercard, Paypal and Uber as founder members of its forthcoming stablecoin ecosystem.

With Argentina-based e-commerce site MercadoLibre, fintech company Stripe and hotel-reservation website Booking.com having already signed up for the project, Facebook is reportedly planning to go global.

Bitcoin, the first cryptocurrency, was launched in 2008. Since then, hundreds of cryptocurrencies have been introduced.

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). It is especially significant not only because Facebook, one of the biggest companies in the market, is launching it but also because various other big names are backing it. The money would be used to fund the creation of the coin, which will be pegged to a basket of government-issued currencies to avoid the wild swings that have dogged other cryptocurrencies, they said.

Moneycontrol could not independently verify the report.

The cryptocurrency, under Facebook's "Project Libra", is reportedly aimed at allowing Facebook's global users to transfer money across borders and to make online purchases.

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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