Report: Uber, PayPal and Visa to save Facebook's GlobalCoin crypto-currency



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According to a new report, Visa, Mastercard, PayPal and Uber all support Facebook's new cryptocurrency.

The Wall Street Journal reported Thursday that the social media giant had signed with more than a dozen backers for its crypto-currency GlobalCoin, a stablecoin developed in secret for more than six months. Each of the new donors will invest approximately $ 10 million in the project as part of a cryptocurrency governance consortium.

Stripe, Booking.com and MercadoLibre are part of the project, according to the Journal, although the report does not specify what their roles are.

Facebook announced the launch of GlobalCoin last December, although the company has been looking at cryptocurrency by the end of 2017. Crypto should be a stablecoin that will work in the company's messaging infrastructure – WhatsApp , Instagram and Facebook. Messenger.

However, Facebook has not understood why GlobalCoin will be used, although the BBC has suggested that Facebook turn to retailers to allow its users to buy discounted products using cryptocurrency. Cryptocurrency would be used to directly transfer Facebook's value to the retailer, eliminating the credit card companies in the middle, which the BBC says would help retailers make profits.

GlobalCoin should now be unveiled on June 18th.

Facebook image via Shutterstock

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