Facebook Crypto Project Gets Backed With $10M (Each) From Big Names

The Facebook crypto project is again in the altcoin news. This time, we are seeing an allegedly sealed backing from over a dozen of big players in the industry and firms which include Visa, Mastercard, PayPal and Uber for its soon to be released cryptocurrency project.

First unveiled by the Wall Street Journal (WSJ) on June 13, the news show sources familiar with the matter telling the financial news site that the firms have each invested $10 million in a consortium. Active in the finance, eCommerce, venture capital and telecoms industries, the firms have joined a consortium that will govern the Facebook crypto project which is rumored to be a digital token, dubbed Libra.

The best cryptocurrency news sites have also reported details that previously surfaced – and are linked to the highly secretive Facebook crypto project. They argued that the social media giant’s crypto will be a fiat-pegged stablecoin which will be pegged to a basket of national fiat currencies all in order to avoid price volatility.
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The talks with some of the big investment partners to Facebook are ongoing, the sources claim. However, the eventual list of consortium members could always change. As the report shared on WSJ and in the latest cryptocurrency news notes, the consortium itself is allegedly known as the Libra Association.

In the report, we can also see that several members have expressed concerns that Facebook’s new token could be exploited for money laundering or terror financing purposes. WSJ has reported that neither Facebook nor the individual consortium members, will control this cryptocurrency. However, some members could operate nodes on the network underlying the crypto payment network – which is still without a proof.

In addition to all of this, the Facebook crypto project has gotten a consortium with big names but also companies like the fintech firm Stripe, travel reservations site Booking.com and e-Commerce site MercadoLibre, all of which are signing on to the project as the coming altcoin news show.

All of the consortium members have been asked to co-sign the Facebook crypto project and coin’s white paper which is allegedly set to be published on June 18 this year.