Report: Facebook Crypto Project Backed by Uber, PayPal, Mastercard, Visa

The internet has lately been abuzz with news about Facebook’s upcoming cryptocurrency project. So, what would it take to boost expectations for the Facebook crypto project even higher? Well, it would seem that a partnership with Uber, PayPal, Mastercard, and Visa does the trick.

Facebook partners with Uber, PayPal, Visa, and Mastercard for crypto project

According to a fresh Wall Street Journal report, Facebook’s cryptocurrency project has attracted funding from none other than these firms. What’s more, sources ”familiar with the matter” reportedly suggested that these firms have all invested around $10 million each.

These investments have been made in a consortium that will govern Facebook’s digital token, referred to as Libra and GlobalCoin. The consortium will reportedly be called the ”Libra Association” indicating ”Libra” might be the name of the cryptocurrency.

This news comes off the heels of a number of other news reports regarding Facebook’s crypto project the last weeks. 

It is generally accepted that Facebook’s cryptocurrency will be fiat-pegged stablecoin, linked to a basket of national fiat currencies. Although this might disappoint some hoping for a cryptocurrency entirely separate from fiat currencies, this could still be huge for crypto adoption.

What’s more, the Wall Street Journal report also suggests that Facebook would not be able to control the cryptocurrency. Nor would any of the consortium members be able to control the cryptocurrency.

Will the Facebook Coin whitepaper publish on June 18?

However, some of the members will reportedly be able to run nodes on the network underpinning Facebook’s cryptocurrency payment system. Toshi Times has previously covered how members were rumored to have made bids of $10 million for the privilege to act as nodes and validate transactions.

Nevertheless, 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, Facebook is said to have recruited around a dozen firms. 

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

Details regarding Facebook’s crypto project have gradually leaked since the start of this year. Lately, however, it has been rumored that Facebook will unveil the project now in June. The Wall Street Journal report suggests the project’s white paper will be published on June 18th. 

The cryptocurrency offering is said to feature deep integration with Facebook Messenger, Instagram and WhatsApp.

Image Source: Coinlaw