Visa And Mastercard-Backed Facebook Cryptocurrency Said To Launch Next Week

Facebook is reportedly close to launching its Libra cryptocurrency that it has been working on for quite some time now. The last we heard about it was when it was said that Facebook was looking to secure backing from major partners. A new report claims that Facebook’s cryptocurrency will be backed by partners such as Visa, Mastercard, and Uber when it launches next week.

The Wall Street Journal reports that Facebook has garnered support from major financial organizations like Visa and Mastercard for its cryptocurrency. That’s in addition to popular online services like Uber, PayPal, Stripe, and Booking.com.

Each of the partners will reportedly be investing almost $10 million to fund the development of the currency and they will become members of the Libra Association. That’s the independent consortium which will govern the digital currency independent of Facebook.

These companies are said to be willing to get involved because not only will they be able to keep an eye on Facebook’s digital payment ambitions but also be able to benefit from the popularity of Libra should its adoption take off with the billions of Facebook users across the globe.

According to reports, Facebook is going to unveil its Libra cryptocurrency on June 18th. A full launch is said to take place in 2020. Libra will be a stablecoin which means that it’s going to be pegged against a bucket of government-issued currencies. This will be done to limit the volatility that’s often seen with other digital currencies such as Bitcoin.

Adnan Farooqui
Categories: Web
Tags: digital currencies, Facebook