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

Reuters

Published Jun 14, 2019 01:05

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

(Reuters) - Facebook Inc (NASDAQ:FB) has enlisted more than a dozen companies including Visa Inc (NYSE:V), Mastercard (NYSE:MA) Inc, PayPal Holdings Inc (NASDAQ:PYPL) and Uber Technologies (NYSE:UBER) Inc to back its new cryptocurrency, the Wall Street Journal reported on Thursday.

Each company will invest around $10 million (£8 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.