Facebook’s Payment Crypto Attracts Paypal, Visa, Mastercard

With each passing day, new details regarding Facebook’s cryptocurrency project continues to emerge.

Reuters today, July 14, quotes WSJ sources as confirming that Facebook’s project has already attracted several leading global digital payment platforms.

Per the report, the list of several potential partnering companies in the queue for Facebook’s project includes;

  • Visa Inc.
  • Mastercard Inc.
  • PayPal Holdings, Inc.
  • Uber Technologies Inc.

In a bid to quicken the launch of the new cryptocurrency earlier identified as GlobalCoin, and raise its proposed $1 billion for the project, Facebook has told each of the listed companies to invest up to $10 million in a consortium that will govern the launching of this cryptocurrency.

Furthermore, the report holds that all the money will be used to fund the entire process of creating the new cryptocurrency, which will, in turn, be attached to a basket of government-issued currencies.

In the meantime, Facebook, Mastercard, Visa, Uber, and Paypal presently are not yet open to requests for comments concerning their involvement in the project.

Interestingly, the latest report confirms rumors first reported two months ago that both Mastercard and Visa would partner with Facebook on the new crypto project. More recently, we also said that Facebook would announce the new cryptocurrency before the end of June.