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Facebook’s Cryptocurrency Earns Backing from Industry Giants

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Facebook’s Cryptocurrency Earns Backing from Industry Giants

According to a report published by The Wall Street Journal on 13 June, Facebook‘s much-anticipated cryptocurrency, Libra, is to be backed by firms which include some big names like Visa, PayPal, Uber, and Mastercard who are set to invest $10 million each in the joint venture involving the cryptocurrency.

Big Names to Back Libra

Facebook has signed up some massive names to back up its new cryptocurrency which is scheduled to be revealed to the public next week and officially launched next year. The names which have been mentioned fall in the categories of finance, e-commerce, telecommunications, and venture capitalist firms.

These firms are reported to invest $10 million each in a joint venture governing the digital coin, Libra. This money will then be used to create the coin which shall be pegged to an array of government-backed currencies. This would help Facebook’s cryptocurrency to be successful where other cryptocurrencies have failed– in overcoming price volatility.

Facebook had been on the lookout for backers for quite some time now, and it had expected to raise as much as $1 billion for the project. It was further reported that talks between Facebook and its giant partners were still on, and the group’s eventual membership could still be subject to change. Concerns that Facebook’s cryptocurrency might be used for money laundering purposes still hovers in the air among its partners.

In addition to the companies already mentioned, other companies like Stripe, Booking.com, and MercadoLibre have all been participatory in the project. The members of the joint venture have been asked to sign Libra’s whitepaper, which is reported to be published on the 18th of this month.

Facebook has been involved in this highly ambitious project for a long time now, and this year witnessed the internet rife with news about Facebook’s cryptocurrency.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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