Visa, Mastercard, PayPal and Uber Backing Facebook’s Cryptocurrency Project

Facebook’s cryptocurrency project, codenamed Libra, has some really big backers. A Wall Street Journal report has stated that Visa, Mastercard, PayPal and Uber are among some companies who are ready to invest $10 million to be a part of the governing consortium.

In fact, The Block has obtained an entire list of inaugural companies that are backing the Libra project. Apart from the names mentioned above, investors such as Andreessen Horowitz and Union Square Ventures, cryptocurrency exchange Coinbase, along with Stripe, Lyft, Spotify, eBay and Vodafone, among others, are also backing the project.

Earlier this week, there were reports that the social media giant may launch the white paper of its ‘Facebook Coin’ on June 18, 2019. The company had first announced its plans of a stablecoin back in December 2018. The project, also dubbed GlobalCoin by some reports, has now picked up steam with Facebook speaking to CFTC about its project.

(Image Credit: Brian Solis)