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BREAKING NEWS

Facebook's cryptocurrency-based payments system gets big backers - WSJ

Facebook's cryptocurrency-based payments system gets big backers - WSJ
FILE PHOTO: Attendees walk past a Facebook logo during Facebook Inc's F8 developers conference in San Jose, California, U.S., April 30, 2019. REUTERS/Stephen Lam -
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STEPHEN LAM(Reuters)
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(Reuters) – 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 $10 million (£8 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.

(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Richard Chang)

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