Visa, Mastercard, PayPal invest in Facebook cryptocurrency project

By June 16, 2019 20:02

facebook network - Coinconomist

Leading financial companies such as Visa, Mastercard, PayPal, and also Uber have invested in an organization that will support Facebook’s payment stablecoin network from Facebook, The Wall Street Journal reports, citing anonymous sources.

According to him, each of these organizations has invested in providing a reserve of $ 10 million. An interesting fact is that investors still do not fully understand the mechanism of the new network, they say in The Wall Street Journal.

At the same time, it is noted that the management organization Libra Association and Facebook itself will not allegedly directly control stablecoin, which will be provided with fiat currency.

A specially created structure for managing GlobalCoin, as it is known, continues to negotiate with world-class companies about participation in the project. And the above amount of $ 10 million allows you to join this structure as a Node, which, according to some experts, can also have negative consequences.

In case Visa, Mastercard, PayPal and others will act as nodes with access to user data; this can lead to a tendency to attack the network.

So far, no one has confirmed on Facebook, but has not denied rumors about the launch of GlobalCoin. It is expected that the whitepaper will be presented on June 18.

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By June 16, 2019 20:02