Facebook is reportedly planning to launch a new cryptocurrency next week and is currently supported by more than a dozen companies, including Visa, Mastercard, PayPal and Uber.
The Wall Street Journal quoted sources as saying that the companies would each invest about $10 million in a consortium that manages the digital currency and use the funds to create the cryptocurrency and link it to a basket of government-issued currencies to avoid Large fluctuations in other cryptocurrencies. The source also pointed out that Facebook is still negotiating with some partners, and the final membership may change.
Last month, Facebook reported that Facebook was recruiting investment companies to help launch a cryptocurrency-based payment system and sought to raise about $1 billion for the project, called Project Libra. This program has been in place for more than a year and aims to create a digital currency that users can transfer to each other and use for shopping on Facebook and the entire Internet.