Facebook to Debut Cryptocurrency Next Week, Backed by Visa, Mastercard, Uber

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

Facebook Inc. has signed up more than a dozen companies including Visa Inc., Mastercard Inc., PayPal Holdings Inc. and Uber Technologies Inc.to back the new cryptocurrency that the social-media giant plans to unveil next week.

Each company that is backing the Facebook cryptocurrency is expected to invest $10 million in a fund that is going to be used for the Libra project.

Facebook has already started hiring for its cryptocurrency-based payments on its platform that has 2.38 billion users.

Hence, stay tuned until then for all the information you need about Facebook cryptocurrency.

The social media giant reportedly wants to give the "1.7 billion adults globally" who now don't have "access to a traditional bank" and are "outside of the financial system" an opportunity. Facebook believes that its collaborative, compliant and regulated approach will help it overcome hurdles faced by other cryptocurrencies.

In the post, Facebook criticizes existing blockchains, which it claims have yet to reach mainstream adoption, making them poor solutions as a store of value and medium of exchange.

Shoppers at standstill as Target addresses issues with checkout system
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According to Facebook's head of financial services & payment partnerships for Northern Europe Laura McCraken, the Libra won't be pegged to the value of the USA dollar, but that of various currencies to prevent price fluctuations.

Facebook has found massive backers for its new cryptocurrency, Libra, which is scheduled to be launched in 2020.

The Wall Street Journal reported last month that Facebook was seeking to raise $1 billion from 100 node holders for the crypto payments network.

Facebook shares climbed as much as 2.5% to $181.84 at 9:35 a.m.in NY.

Earlier in June, the company ignited a discussion about its crypto Stablecoin initiative with the US Commodity and Futures Trading Commission (CFTC).

Facebook's blockchain effort is being headed up by David Marcus, who previously led the Facebook Messenger business.

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