Wednesday, Sep 18, 2019 | Last Update : 06:59 PM IST

Facebook's cryptocurrency-based payments system gets big backers

REUTERS
Published : Jun 14, 2019, 11:59 am IST
Updated : Jun 14, 2019, 11:59 am IST

Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back Facebook’s new cryptocurrency.

Each company will invest around USD 10 million in a consortium that will govern the cryptocurrency. (Photo: AP)
 Each company will invest around USD 10 million in a consortium that will govern the cryptocurrency. (Photo: AP)

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 on Thursday.

Each company will invest around USD 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.

Tags: facebook, cryptocurrency, visa, mastercard, paypal, uber