Facebook gets big backers for its cryptocurrency

REVEALED The giant companies paying $10m for Facebook crypto nodes

Facebook's debut into the world of cryptocurrency could be just days away.

Apparently, Facebook has created the "Libra Association" to manage the crypto.

Four technology and Payments giants - Visa, Mastercard, PayPal, and Uber - have invested in Facebook's upcoming cryptocurrency project, The Wall Street Journal revealed.

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Before this, companies like MercadoLibre, an Argentina-based e-commerce platform; Stripe, US-based payments technology company; and Bookings.com (a hotel booking platform) had also made a decision to support the Facebook-backed cryptocurrency.

Allegedly, the above-said companies, along with others, invested $10 million each in the collateral reserves of the coin that will be pegged to a basket of fiat currencies. The backers could then act as nodes in a new payment network that would verify and record transactions, but the Journal's report said neither Facebook nor the group of backers would directly control Libra. Facebook is expected to introduce its cryptocurrency on June 18. To provide price stability, it will be pegged to a basket of global government-issued currencies, including the US dollar, euro, and Japanese yen. She, in an interview with the German finance magazine Wirtschaftswoche, disclosed that the project's white paper will be unveiled on June 18th. With the company's plans to soon step into the crypto arena, the latest buzz tells us more about Facebook's new venture.

The stablecoin will be used for money transfers over its messaging infrastructure - WhatsApp, Instagram, and Facebook Messenger. The secretive project, in the works for more than a year, revolves around a digital coin that its users could send to each other and use to make purchases both on Facebook and across the internet. Meanwhile, payments institutions get a foot in the door and a way to keep tabs on a potential new competing commerce network if it goes well.

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