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Facebook's cryptocurrency-based payments system gets big backers -WSJ

Credit: REUTERS/Dado Ruvic

Facebook Inc has enlisted more than a dozen companies including Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported https://on.wsj.com/2IdYo3a on Thursday.

June 13 (Reuters) - Facebook Inc FB.O has enlisted more than a dozen companies including Visa Inc V.N, Mastercard Inc MA.N, PayPal Holdings Inc PYPL.O and Uber Technologies Inc UBER.N to back its new cryptocurrency, the Wall Street Journal reported on Thursday.

Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter.

The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies, the report said.

Facebook, Mastercard, Paypal, Visa and Uber did not immediately respond to requests for comment.

(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Richard Chang)

((Sabahatjahan.Contractor@thomsonreuters.com; within U.S. +1 646 223 8780;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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