Yesterday the
Wall Street Journal (WSJ) reported that Facebook’s cryptocurrency project has attracted more than a dozen companies including Visa, Mastercard, Paypal and Uber. Facebook plans to unveil the project next Tuesday although it’s only expected to launch in Q1 2020.
The project, dubbed Libra, has a governing consortium where participants will contribute around $10 million each. Members include financial, e-commerce and telecoms companies as well as venture capitalists. Additional brands include fintech Stripe, travel company Booking.com and Argentinian e-commerce company Mercado Libre.
As previously reported, the GlobalCoin will be pegged to a basket of conventional fiat currencies for price stability. The likely initial vehicle is Facebook’s WhatsApp messaging application.
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