Facebook’s cryptocurrency project has drawn massive investment from notable companies including Mastercard, Visa, PayPal and Uber
, Facebook’s soon to be released cryptocurrency project, dubbed Libra, has drawn massive investment from some notable companies. Payment companies Visa and Mastercard, as well as transportation network company Uber, are reportedly in for around $10 million each.
, or GlobalCoin, is expected to be a stablecoin tied to several major currencies and is also being lined up for usage in Facebook-owned messaging app, Whatsapp.While there has been no confirmation from any of the companies mentioned above, or Facebook, about this investment, the WSJsources close to the project.
While a lot of information has made its way out into the public about the nature of the Facebook cryptocurrency, there is still a lot of mystery as to how it will be run and governed. The sources state that neither Facebook nor individual consortium members will control the cryptocurrency. However, there could be cases where some members could operate nodes on the network that underlies the crypto payments network.
Facebook’s digital currency will no doubt be integrated into the social media platform, allowing users to operate with a digital currency with ease, and across borders. But more so, it could also be integrated into its three wholly-owned apps — WhatsApp, Messenger, and Instagram — bringing its cryptocurrency potential exposure to a combined 2.7 billion users each month.There was a big push in 2018, and through to this year, for enterprises to find uses for blockchain technology.
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