Facebook's Cryptocurrency Has Big Backers

18 Juin, 2019, 12:43 | Auteur: Auguste Feret
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According to The Wall Street Journal, Facebook will peg its own cryptocurrency against government-issued digital currencies with the aim of bypassing harsh fluctuations in value and price of other tokens.

Facebook announced to the general public that it would launch its GlobalCoin December a year ago, though the social media giant pointed out that it had been looking at crypto as far back as the last quarter of 2017.

Facebook won't directly control the coin, nor will the individual members of the consortium known as the Libra Association.

Social media giant Facebook will unveil the Libra Association, which will operate its bespoke cryptocurrency Libra, on June 18, cryptocurrency news outlet The Block reported on June 14. Apparently, biggies like Visa, MasterCard, PayPal and Uber have all joined the consortium of investors providing funding to the project.

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In other news, Facebook has allegedly secured the support of over 12 companies for its digital currency project which will soon be launched. Facebook is expected to introduce its cryptocurrency on June 18. It is reported that those who invest will be network node operators.

With Argentina-based e-commerce site MercadoLibre, fintech company Stripe and hotel-reservation website Booking.com having already signed up for the project, Facebook is reportedly planning to go global.

Interestingly, Mark Mahaney and Zachary Schwartzman, analysts at investment bank RBC Capital have opined that Facebook's stablecoin project "may prove to be one of the most important initiatives in the history of the company". The social network, which also owns WhatsApp and Instagram, announced earlier this year that it would focus more on private, encrypted messaging, responding to a barrage of data privacy scandals, including Cambridge Analytica, that caught the attention of lawmakers in the US and overseas. Bowles will be taking up his new role as Facebook's London-based director of public policy in September 2019.

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