Visa, Mastercard Paypal & Uber invest in the Facebook Cryptocurrency Libra

By Tyler Smith – Crypto Investor

Facebook’s upcoming cryptocurrency appears to be turning up the summer heat even more as it seems to have attracted some big-brand backers, according to The Wall Street Journal.

PayPal, MasterCard, and Visa are looking to back Facebook’s crypto Libra, alongside other companies, like Uber. Each firm will invest about $10 million into an independent foundation that will govern the coin. The money will help create the backing and infrastructure required for the coin, which will then be attached to a basket of fiat currencies. Users will be able to buy cryptocurrency on this chain that derives its value from other currencies, much like a stablecoin.

The Wall Street Journal wrote that the governing body will consist of a consortium of its backers, known as the Libra Association. These companies will gain no profit or revenue as members of the governing body but will guide the network for secure crypto buying and selling functionality. More information regarding the Libra crypto will be released next Tuesday in a white paper according to the reports.

Apart from that, Facebook posted further blockchain jobs for this week, with total openings reaching about 28.

According to a BBC report last month, Facebook has been quickly moving ahead with its crypto plans and hopes to launch its GlobalCoin by the first quarter of 2020. Users can then buy crypto native to this chain for instant global remittance and transfers. The report states that tests for the new digital currency network will start later this year before it launches in a select few countries. There are some who believe the token may be used for the purchase of products in messaging apps such as Whatsapp and Facebooks Messenger service. This would mean users could soon not only transact through messaging services, but also buy cryptocurrency to purchase products as well.

In early May, Facebook had an LLC registered in Geneva, which focuses on blockchain developments using the name "Libra Networks." This could be where the first development of the project took place.

A report from LendEDU said that as interest in the new coin escalated, the introduction of crypto from Facebook could entice new users to buy Bitcoin or another cryptocurrency and expose themselves to the new medium.

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