A FB cryptocurrency is on the way and it looks to have quite the wave of support from big backers.
Here’s what we know so far about the Facebook (NASDAQ:FB) cryptocurrency.
- The project to develop a FB cryptocurrency is called Libra.
- It has been the works for six months now.
- Stripe, Booking.com and MercadoLibre are taking part in the project, but it is unknown what exactly they are doing for it.
- Several large companies will reportedly be backing the development of the cryptocurrency.
- Some of the big names behind the effort are PayPal (NASDAQ:PYPL), Mastercard (NYSE:MA), Visa (NYSE:V) and Uber (NYSE:UBER).
- Each of these companies will be putting $10 million into the development of the FB cryptocurrency.
- This will have them acting as a governing consortium for the virtual currency.
- It’s also worth mentioning that the FB cryptocurrency is going by the name GlobalCoin.
- Report claim that the cyrptocurrency will be used by Facebook through its multiple messaging service.
- There’s also been talk that it will allow users of the social media service to use the virtual currency to purchase goods from retailers via the website.
- Other reports are claiming that Facebook is preparing to reveal the new virtual currency sometime next week.
- These same rumors also say that the tech company is preparing to release the FB cryptocurrency in early 2020.
FB stock was up 1% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.