Daily Management Review

Visa, Uber and others to invest $ 10 million in Facebook cryptocurrency


Operators of payment systems Visa Inc., Mastercard Inc. and PayPal Holding Inc., as well as Uber Technologies Inc., providing services for taxi orders and food delivery, and several other large companies supported the new cryptocurrency Facebook, which the Internet giant plans to introduce next week and launch next year.

Companies specializing in finance and e-commerce, venture capitalists and telecommunications firms are investing approximately $ 10 million in a consortium that will manage a cryptocurrency called Libra, writes The Wall Street Journal, citing informed sources.

Users of the new currency will be able to pay with it, make purchases on Facebook and on other websites, as well as transfer the currency to each other.

Negotiations with a number of partners are still going on, and the final composition of the consortium may change, sources say. Currently, Facebook has been supported by over a dozen companies.

Some members of the consortium have not yet received information about how the currency will work and what its role will be. At the same time, sources say that neither Facebook nor members of a consortium (called Libra Association) will manage the currency directly.

source: bloomberg.com