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Facebook cryptography project is supported by many well known brands

Lately, the Internet has been full of news about the next Facebook cryptocurrency project. So, what would it take to further increase the expectations for Facebook’s crypto project? Well, it seems that a partnership with Uber, PayPal, Mastercard and Visa is the solution.

Facebook is associated with Uber, PayPal, Visa and Mastercard for the crypto project

Facebook’s cryptocurrency project has attracted funds from no other company. In addition, the sources “familiar with the matter” suggested that all these companies have invested around $ 10 million each.

These investments have been made in a consortium that will govern Facebook’s digital token, known as Libra and GlobalCoin. Apparently, the consortium will be called “Association of Libra”, which indicates that “Libra” could be the name of the cryptocurrency.

This news comes hand in hand with a series of other news reports about Facebook’s cryptography project in recent weeks.

In general, it is accepted that the Facebook cryptocurrency will be a fiat stable attached to a basket of national fiduciary currencies. Although this could disappoint some who expect a cryptocurrency completely separate from the fiduciary currencies, this could be huge for the adoption of cryptography.

In addition, the Wall Street Journal report also suggests that Facebook could not control the cryptocurrency. None of the consortium members could control the cryptocurrency.

Will Facebook Coin’s whitepaper be published?

However, it is reported that some of the members will be able to run nodes in the network that support Facebook’s cryptocurrency payment system. The Toshi Times has previously covered how it was rumored that members had made offers of $ 10 million for the privilege of acting as nodes and validating transactions.

However, the Wall Street Journal report notes that Facebook has attracted a large group of companies to its consortium. In addition to Uber, PayPal, MasterCard and Visa, it is said that Facebook has recruited about a dozen companies.

Some of these include, supposedly, the Booking travel site, the fintech Stripe company and the MercadoLibre e-commerce platform. This means that Facebook has already attracted several giants from different industries.

Details about Facebook’s cryptography project have been gradually leaked since the beginning of this year. Lately, however, it has been rumored that Facebook will announce the project now in June. The Wall Street Journal report suggests that the project’s white paper will be published really soon.

It is said that the cryptocurrency offer presents a deep integration with Facebook Messenger, Instagram and WhatsApp.


Also published on Medium.

Published inCryptocurrencies

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