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Facebook's Cryptocurrency Based Payments System Gets Big Backers: Report

Facebook's Cryptocurrency-Based Payments System Gets Big Backers: Report

Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported.

By Reuters | Updated: 14 June 2019 13:33 IST

Facebook's Cryptocurrency-Based Payments System Gets Big Backers: Report

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

Each company will invest around $10 million (roughly Rs. 70 crores) 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.

© Thomson Reuters 2019

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Further reading: Facebook, Uber, PayPal, Visa, Mastercard