GlobalCoin: Facebook to release its Cryptocurrency next week with support from Visa, PayPal, Uber and others

ByLinky Johnson 2019-06-14 789

According to the Wall Street Journal, Facebook has signed agreements with more than a dozen companies, including Visa, MasterCard, PayPal and Uber. The dozen companies will support GlobalCoin, the new cryptocurrency that Facebook will launch next week.

Each company will invest about $10 million in a consortium that manages encrypted currencies for Facebook.

These funds will be used to finance the creation of the digital currency, which will be linked to legal tender issued by the government.

Financial technology company Stripe, travel booking site and Argentine e-commerce site MercadoLibre are all part of the project, although the report did not specify their roles, according to the Wall Street Journal.

In December, Facebook announced that it would launch the cryptocurrency GlobalCoin. The company said it was considering introducing cryptocurrency as early as the end of 2017. However, the company has been tight-lipped about GlobalCoin's specific plans. Facebook's crypto currency, GlobalCoin, is expected to be released on June 18.

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