Facebook Crypto Project Deal– Facebook has allegedly sealed deals with some firms including Visa, Mastercard, PayPal and Uber for its forth coming cryptocurrency project. The news was reported by the Wall Street Journal.
A source told the WSJ that the firms extending across the finance, e-commerce, venture capital and telecoms industries have each invested around $10 million in a consortium that will govern Facebook’s forthcoming digital token, dubbed Libra.
The Wall Street Jounal’s sources emphasized on details that had previously surfaced in regard to the highly secretive project, notably that the social media giant’s forthcoming crypto will allegedly be a fiat-pegged stablecoin, pegged to a basket of national fiat currencies to avoid price volatility.
Talks with some of the investment partners is still ongoing and the eventual list of consortium members could reportedly change. The consortium itself is allegedly to be known as the Libra Association.
The report claims that several members have expressed concerns that Facebook’s token could be exploited for money laundering or terror financing purposes.
Facebook also purportedly plans to rehaul its messaging infrastructure and integrate its three wholly-owned apps WhatsApp, Messenger and Instagram under one canopy. This will bring its cryptocurrency potential exposure to a combined 2.7 billion users each month.