Facebook Cryptocurrency: Visa, Mastercard, PayPal, Uber Among Top Members of Consortium, Report

Reportedly,  Inc. has signed up more than a dozen companies including Inc., MastercardInc.  Holdings Inc. and  Inc. These technology companies form a consortium which will find a similarity to XRP or Stellar Lumens validators through the Stellar Foundation.  will reveal the model/whitepaper of its , Libra on 18th June. The Whitepaper is the basic design of any […]
Source: bitcoinwarrior
Facebook Cryptocurrency: Visa, Mastercard, PayPal, Uber Among Top Members of Consortium, Report

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Uber, PayPal, Visa to Back Facebook's GlobalCoin Cryptocurrency – Finance and Funding – Altcoin Buzz

, , to Back ’s GlobalCoin – Finance and Funding  Altcoin BuzzFacebook’s new , GlobalCoin, is backed by majors companies like Visa, , PayPal and Uber. The backers are individually investing …
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Uber, PayPal, Visa to Back Facebook’s GlobalCoin Cryptocurrency – Finance and Funding – Altcoin Buzz

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Visa, Mastercard, and PayPal Invest $10M Each into Facebook’s Globalcoin Cryptocurrency

Working with Payment Processing Giants to Launch Highly-Anticipated Stablecoin According to a new report released by the Wall Street Journal earlier today, social media giant ‘’ has reportedly brought on board three major payments companies as backers for its upcoming project. The firms include , and as well as other relatively smaller […]
Source: bitcoinexchangeguide
Visa, Mastercard, and PayPal Invest M Each into Facebook’s Globalcoin Cryptocurrency

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MasterCard, Visa, Uber and Other Big Companies Backing Facebook’s Cryptocurrency

Coinspeaker
MasterCard, Visa, Uber and Other Big Companies Backing Facebook’s Cryptocurrency

It seems Facebook Inc. has signed up more than a dozen companies including Visa Inc.,Mastercard Inc., PayPal Holdings Inc. and Technologies Inc. to back a new it plans to unveil next week and launch next year.

Each of the new partners will allegedly invest around $10 million in the project as part of a governing consortium for the cryptocurrency.

Also, Stripe, Booking.com and MercadoLibre will also back up the project, even though it’s still not known what their roles will be. However, it is presumed that these members will use the Coin to reach globally.

For now, what it’s known is that the governing body, called the Libra Association will not have direct control over the coin and so won’t Facebook itself. As sources told the Wall Street Journal, some members still don’t fully understand how the coin will work or what will their role in the project be.

However, last week there came a report that was explaining Facebook is hoping to enlist as many as 100 organizations to act as “nodes” in the network, which will limit any single organization’s control over the digital currency (including themselves).

By creating such an independent base for overseeing its cryptocurrency, Facebook will be introducing a level of decentralization to avoid regulation related to it holding too much power over a global currency. Each of the companies in the consortium will validate transactions made with Facebook’s cryptocurrency and in exchange get a in how the token is governed.

Some doubt, however, that given Facebook’s infamous security management, the blockchain would supposedly be “far more centralized” than Bitcoins and the company would tap outside firms to help run the system.

For now, Facebook has been quite secretive about the purpose of their coin. One of the most possible uses is one that BBC suggested, that Facebook may look to retailers, allowing its users to purchase discounted goods using the cryptocurrency. The cryptocurrency would be used to transfer value directly from Facebook to the retailer, cutting out credit card companies in the middle, which would then help the retailers’ profits.

Also, the Commodity Futures Trading Commission said they were in early talks with Facebook about its coming stablecoin. According to commissioner Christopher Giancarlo no application has yet been submitted to the CFTC.

Be it as it may, we’ll have to wait until June 18 to see what’s this all about.

MasterCard, Visa, Uber and Other Big Companies Backing Facebook’s Cryptocurrency


Source: coinspeaker
MasterCard, Visa, Uber and Other Big Companies Backing Facebook’s Cryptocurrency

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Visa, Mastercard, PayPal, Uber Back Facebook’s Crypto Initiative

The company is expected to publically announce its crypto projects later this month.
Source: financemagnates
Visa, Mastercard, PayPal, Uber Back Facebook’s Crypto Initiative

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Visa, Mastercard, Paypal Among First Companies to Back Facebook’s Cryptocurrency

Major credit card don’t want to be left behind as is about to unveil its Bitcoin rival      
Source: cryptocomes
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Visa, Paypal Say They’ll Pay $10 Million to Run ‘Facebook Coin’ – Report

facebook zuckerberg

Big companies like and are reportedly willing to pay millions for the privilege of running a node on the network.


Facebook’s foray into crypto has been met with mixed reaction. Some are hailing it as the next step in a global financial revolution, while others have expressed concerns over the company’s shady past record when it comes to security, privacy and data abuses.

Nevertheless, U.S. tech and finance giants clearly want a slice of the Facebook crypto pie. According to the Wall Street Journal, a number of financial and e-commerce companies, venture capitalists and telecommunications corporations have already pledged to back the new project.

Big Names Want In On ‘GlobalCoin’

The report added that over a dozen firms, which include Inc, Visa Inc, PayPal Holdings Inc, Stripe Inc, Booking.com, and Technologies Inc, have formed a consortium and agreed to pledge $10 million each to secure governance over the new crypto coin.

It was reported last month that the social media giant was recruiting backers and aimed to raise $1 billion for the crypto project.

Fearing Bitcoin, VISA and Mastercard Reclassify Crypto Purchases as 'Cash Advances'

The currency dubbed ‘Libra’ or ‘Global Coin’ is expected to be officially announced next week. The stablecoin will be pegged to a basket of government-issued currencies — similar to the IMF’s SDR (special drawing rights) basket of fiat currencies — to avoid the volatility of cryptocurrencies.

The report was not very complimentary of bitcoin stating,

It has been a decade since bitcoin was born, yet consumers hardly use it—or the hundreds of other cryptocurrencies—to pay for things. Facebook is betting it can change that with a crypto-based payments system built around its giant social network and its billions of users.

The usual regulatory concerns have been raised as governments get anxious about the potential for money laundering. According to the WSJ, Facebook won’t exactly control the new coin, neither will the individual members of the consortium, which is known as the Libra Association.

Citing people familiar with the situation, it added that some could serve as nodes for blockchain transaction validation.

Facebook is still the direct developer of the greatly guarded technology so its influence over the coin is likely to be as strong as it has over the data on the social media platform. Just like Google, Facebook has a highly secretive algorithm that determines what users can and cannot see in its news feed.

‘Facebook Coin’ Will Boost Bitcoin

Co-founder and partner at Morgan Creek Digital Anthony ‘Pomp’ Pompliano said that the move was especially bullish for Bitcoin adoption considering two of the backers are Visa and Mastercard.

Participating in the Libra project allows companies like PayPal, Visa, and Mastercard to exert some level of control over the new ‘cryptocurrency’ and its centralized governance. This makes the new coin unlike Bitcoin that’s an open-access cryptocurrency allowing anyone to download the software and run a node.

Therefore, ‘Facebook Coin’ is unlike to pose any real threat to the future of decentralized peer-to-peer finance. Instead, it already looks to be more like a competitor to banks or even Starbucks Rewards than P2P ‘digital gold.’

Will Facebook crypto be a threat to bitcoin? Add your thoughts below.


Images via Shutterstock

The post Visa, Paypal Say They’ll Pay $10 Million to Run ‘Facebook Coin’ – Report appeared first on Bitcoinist.com.


Source: bitcoinist
Visa, Paypal Say They’ll Pay Million to Run ‘Facebook Coin’ – Report

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Uber, PayPal, Visa to back Facebook’s global coin – here we go, the wealthy join forces to undermine decentralization movement!!!

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Uber, PayPal, Visa to back Facebook’s global coin – here we go, the wealthy join forces to undermine decentralization movement!!!

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Uber, MasterCard, Visa and other big companies have reportedly signed on to Facebook’s blockchain efforts

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Uber, MasterCard, Visa and other big companies have reportedly signed on to Facebook’s blockchain efforts

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Uber, MasterCard, Visa and other big companies have reportedly signed on to Facebook’s blockchain efforts

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