Facebook gets more than a dozen backers, or founder members, for its GlobalCoin Cryptocurrency, according to The Wall Street Journal reported on Thursday. The backers’ list includes PayPal, Visa, Mastercard, and Uber.
GlobalCoin Cryptocurrency is a stable coin that has been created in absolute secrecy for more than six months. Each of the above backers will invest $10 million in this project as a part of the governing consortium for cryptocurrency. In return of their support, each firm will get a node on the network, to ensure that no other firm has complete control over the currency.
According to the Journal, Stripe, MercadoLibre and Booking.com are some of the parts of the project. But their roles aren’t specified yet. Though the company indicated that it was looking at cryptocurrency as far back as the end of 2017, Facebook announced that it was all set to release the GlobalCoin last December.
The cryptocurrency is said to be a stable coin that will operate within the company’s messaging infrastructure that includes WhatsApp, Facebook Messenger, and Instagram. The company has been tight-lipped about exactly what role will this GlobalCoin play, though BBC revealed that this cryptocurrency would look to retailers, allowing the company’s users to purchase discounted goods using GlobalCoin. The cryptocurrency would be used to transfer value directly from Facebook to the retailers, cutting out credit card companies. This would also help with the retailers’ profits.
Facebook has, for now, recruited a senior British corporate affairs specialist to build up the detailing with the regular authorities. Standard Charterer’s European head of public and corporate affairs, Ed Bowles, would join the giant-tech in September as its London based director.
GlobalCoin Cryptocurrency is now all set to be released on June 18. The company would first release a white paper introducing the coin and describing its exact work before the month ends.