Facebook's cryptocurrency-based payments system gets big backers - WSJ
(Reuters) - Facebook Inc has enlisted more than a dozen companies including Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported https://on.wsj.com/2IdYo3a on Thursday. Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter. The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies, the report said.
(Reuters) - Facebook Inc has enlisted more than a dozen companies including Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported https://on.wsj.com/2IdYo3a on Thursday.
Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter.
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The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies, the report said.
Facebook, Mastercard, Paypal, Visa and Uber did not immediately respond to requests for comment.
(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Richard Chang)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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