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Looks like Facebook has persuaded a group of heavyweight companies to get involved in its secret blockchain project.
The Wall Street Journal reports that the Silicon Valley technology giant has recruited a number of leading companies – including Uber, MasterCard, Stripe, Visa and Booking.com – to support its new cryptocurrency.
For about a year now, a team of dozens of Facebook employees have been working on applications for blockchain, the fashionable technology that underpins the bitcoin of digital currency and other encrypted currencies, to determine how Facebook could help 'use. According to several reports, the company is creating its own digital currency and intends to announce it officially next week.
Uber, Stripe and the others would have invested $ 10 million each to support a separate organization that will help manage the new digital currency, code-named Project Libra. (The companies named in the Wall Street Journal's report did not immediately respond to Business Insider's comment request.)
Last week, a separate report from The Information indicated that Facebook hoped to recruit up to 100 organizations for them to act as "nodes" on the network, which would limit any organization's control over the currency digital (including Facebook).
Facebook's blockchain effort is led by David Marcus, who previously ran the Facebook Messenger business. The move to cryptography is seen as a key part of Facebook's so-called pivotal privacy, a total overhaul of the social network that, according to CEO Mark Zuckerberg, will solve many criticisms of Facebook's privacy and misinformation.
A spokesman for Facebook declined to comment.
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