Facebook's cryptocurrency-based payments system gets big backers: WSJ

Facebook's cryptocurrency-based payments system gets big backers: WSJ

Attendees walk past a Facebook logo during Facebook Inc's F8 developers conference in San Jose
FILE PHOTO: Attendees walk past a Facebook logo during Facebook Inc's F8 developers conference in San Jose, California, U.S., April 30, 2019. REUTERS/Stephen Lam

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 US$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.

Source: Reuters

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