According to a news report on Wall Street Journal PayPal, Mastercard, Visa and Uber are all going to back Facebook’s new cryptocurrency, Libra Coin.
Each one of the new backers will invest about $10 million in the project as part of a governing consortium for Libra Coin. As we described on our previous article, Facebook’s new cryptocurrency will be similar to a stablecoin and if all the major payment processors back it up straight on release it effectively means means that 4 billion people on the planet will suddenly bombarded with a new trend.
Even if Facebook won’t say yet about how exactly they going to use Libra Coin, rumors suggest that Facebook may look to retailers, allowing its users to purchase discounted goods or to transfer value directly from Facebook to retailer cutting out credit card companies.
We expect Libra Coin to be unveiled on June 18.