Facebook is set to debut its cryptocurrency referred to as Libra or GlobalCoin with the support coming from big companies such as Visa, Mastercard, Uber, PayPal, Stripe, and Booking.com among others.
According to a report by The Verge, each company are investing around $10 million to fund development of the currency and will be part of the independent consortium Libra Association that will govern the digital coin independently of Facebook.
While cryptocurrencies are typically seen as providing a cheaper alternative to financial firms like Visa and Mastercard, speculations say that the said comapanies’ participation is for the monitoring of Facebook’s payment ambitions, as well as to benefit from the currency once popularized.
Other reports said that Facebook’s crypto will operate within the company’s messaging infrastructure such as WhatsApp, Instagram, and Facebook Messenger.
However, the coin’s use and role and how it will work is still uncertain.
(Photo source: hacked.com/ itpro.co.uk)