Facebook's cryptocurrency-based payments system gets big backers

Facebook Inc has enlisted more than a dozen companies including Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported.

Facebook's cryptocurrency-based payments system gets big backers
Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter. Photo: Reuters

Facebook Inc has enlisted more than a dozen companies including Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported on Thursday.

Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter.

The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies, the report said.

Facebook, Mastercard, Paypal, Visa and Uber did not immediately respond to requests for comment.

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Written By: Reuters
Updated: Fri, Jun 14, 2019
06:27 AM IST
New Delhi, Reuters
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