Visa, Mastercard, and PayPal Now Backing New Crypto By Facebook

Payment giants, Visa, MasterCard and Paypal are backing yet-to-be-launched crytocurrency by social media platform, Facebook.

As revealed by The Wall Street Journal, the payment companies as well as Uber, would each invest approximately $10 million into a foundation that will govern the coin.

The invested funds will stand as backing for the coin, which will be attached to a basket of fiat currencies.

Libra Association, the governing, and Facebook, will not be given direct control of the coin, the report noted.

More so, the report noted that most members don’t fully understand the working pattern of the coin or their role in the project, but are already utilizing to widen their global reach.

Financial-technology company, Stripe Inc., travel-reservation site and Argentina-based e-commerce site MercadoLibre Inc. ate also expected om board.

Recall that Facebook promised to release the white paper for its “GlobalCoin” with specific details, by the end of this month, while tests will be done by the end of the year.

More so, in May, Facebook registered an LLC in Geneva focused on blockchain developments named, “Libra Networks.”

The drive for a cryptocurrency by Facebook is highly expected to entice new users into the platform, especially with its Marketplace feature, with which visitors and users to the platform can buy and sell items locally.

Facebook has however, began hunting for blockchain experts, with its latest release of vacant postions, numbering 28 vacancies.

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