Facebook’s GlobalCoin Crypto Backed by Visa, Mastercard, PayPal and Uber

Lloyd Doyle
June 18, 2019

On June 14th, it was reported that Facebook had gained the support of large firms to promote and implement their future cryptocurrency.

New details about Facebook cryptocurrency have emerged. The likes of Uber, Visa, PayPal and Booking.com will allegedly each contribute $10 million to the project and then form a governance body which will oversee the cryptocurrency.

The project stakeholders are from multiple sectors namely telecommunications, e-commerce, and media to name a few.

Facebook's secretive blockchain project is under development and seems like some of the big companies are already on board.

GlobalCoin is expected to be made public on the 18th of June.

Facebook's upcoming cryptocurrency, aka "GlobalCoin" and "Libra", will reportedly be governed by a new consortium of corporations and non-profit organizations.

Facebook has reportedly been developing Libra for about a year now.

The cryptocurrency in question, being organized under a project titled "Project Libra", is, as per reports, meant to allow users of Facebook across the world make speedy and convenient cross border payments and online purchases as well.

As per the WSJ, Facebook's anticipated cryptocurrency has received the backing of "more than a dozen" industry players including heavyweights such as Paypal Holdings, Mastercard, Uber, and Visa. It's expected to function as a "stablecoin", meaning it will be pegged to a basket of government-issued currencies in order to limit the volatility typically associated with cryptocurrencies like Bitcoin.

Based on a recent report, Social media giant Facebook and its several partners are set to introduce Libra Association which will be in charge of its specially designed virtual currency- Libra. It is likely that the crypto will have a number of use cases across Facebook, Instagram, WhatsApp, and any number of Internet websites with Facebook login portals. Facebook believes that its collaborative, compliant and regulated approach will help it overcome hurdles faced by other cryptocurrencies.

Other reports by Iphone Fresh

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