Facebook reportedly brings on Visa, Mastercard, and PayPal as backers of its cryptocurrency

Social media giant Facebook's yet-to-launch cryptocurrency appears to have attracted three major payments companies as backers, according to a report by The Wall Street Journal

Visa, Mastercard and PayPal are set to be backers of Facebook's cryptocurrency along with a number of other companies, including Uber. Each will invest approximately $10 million into a foundation that will govern the coin, the Journal said citing anonymous sources. That money will be used to create the backing for the coin, which will be pegged to a basket of fiat currencies. 

The aforementioned governing body will be made up of a consortium of its backers, called the Libra Association, according to the Journal. More information about the cryptocurrency could be released in a white paper next Tuesday, according to reports.

Ahead of its whitepaper, Facebook posted additional blockchain jobs this week as well, with the total number of openings reaching 28.


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