Facebook Backs Investment From Visa, Mastercard, Uber, & PayPal

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The social media giant, Facebook will make its grand into the world of cryptocurrency through the launch of its own cryptocurrency, Globalcoin. On June 13, the Wall Street Journal reported a few details of the project. According to the reports, Visa, Mastercard, PayPal and Uber are some big names who wish to invest $10m each.

The official project Libra whitepaper is expected to release on June 18, where the complete list of investors will be known. The expected entries will be companies in e-commerce sector, telecommunications companies and venture capitalists. Once the funding is secured, any further participating company will be part of Project Libra Consortium.

The project Libra whitepaper is the most anticipated documents to be released this month. The launch of the whitepaper may cause significant disruptions to current state of the crypto world. Facebook claimed that this new project will be semi-centralised system. This means that Globalcoin may also interfere with other projects running simultaneously.

Most recently, BBC world revealed that Facebook’s CEO met Mark Carney to discuss Globalcoin’s opportunities and risks. The company also had discussions with U.S. Treasury. Eventually, the cryptocurrency, Globalcoin will also be applicable to transfer value directly from Facebook to the retailer. Hence, cutting out credit card companies in the middle, which BBC suggests would help the retailers’ profits.

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