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WSJ: Visa, MasterCard, PayPal and Uber Will Support Facebook’s Crypto Project

New details about Facebook cryptocurrency have emerged. The Wall Street Journal reports that the project has attracted several high-profile brands to support future cryptocurrency, codenamed Project Libra. These companies include Visa, MasterCard, PayPal and Uber, and there are more likely to be announced.

The article claims that each company will be investing around $10 mln into Facebook's project, which is looking to raise at least $1 bln. Some companies have not been named because negotiations are still ongoing. It is likely many of these companies will control "nodes" of the network and have some say in the coins governance, but it is at this time unclear what each organization's specific role will be:

“Facebook won’t directly control the coin, nor will the individual members of the consortium known as the Libra Association. Some of the members could serve as 'nodes' along the system that verifies transactions and maintains records of them, creating a brand-new payments network, according to people familiar with the setup.”

The official white paper on the new currency is expected later this month, and it is believed that all members of the consortium will sign it, although it remains to be seen what the document will include eventually.

Image courtesy of MyBitcoin.com

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