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Cryptocurrencies

Visa, Mastercard, PayPal, Uber to back Facebook's GlobalCoin

Friday 14 June 2019 | 10:58 AM CET

More than a dozen companies including Visa, Mastercard, PayPal Holdings and Uber Technologies have been reported to back Facebook’s new cryptocurrency.

Each company will invest around USD 10 million in a consortium that will govern the cryptocurrency, the Wall Street Journal 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.

Still, Facebook, Mastercard, Paypal, Visa and Uber did not immediately respond to requests for comment.

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