It has now come to light that the social media company has secured backing from more than a dozen business corporations, including Uber, PayPal, MasterCard, and VISA. GlobalCoin, pegged to multiple currencies, is expected to debut early next year.
What we do know about the consortium is that it'll reportedly be called the "Libra Association".
According to the Wall Street Journal, the two card schemes along with Paypal and Uber have each invested $10 million into a foundation that will govern the coin.
"We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams", RBC Capital Markets' Mark Mahaney and Zachary Schwartzman said in a note on Thursday.
Other companies including Stripe, Booking.com, and MercadoLibre are part of the project, however, the publication did not specify their exact role on it. At the same time, Pompliano argued that the introduction of more mainstream cryptocurrencies will only enrich the digital assets ecosystem. Should the project be launched, users can conveniently trade, store, and exchange its stablecoin through Facebook-backed apps like WhatsUp, Messenger, and Instagram. Facebook could double the amount of spending it puts toward consumer-facing advertising, along with tweaking its agency roster, as it looks to improve public perception in the wake of these crises, according to a separate Journal report.
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From nearly a year, several Facebook employees have taken up a project of building applications for blockchain.
As for the practical uses of the new cryptocurrency, BBC suggested that Facebook may also forge links with retailers and online merchants to allow users to purchase discounted goods using the cryptocurrency.
Spedn, a mobile wallet app developed by the global payments network Flexa, debuted last month, with users able to complete transactions at large retailers like Whole Foods, Bed Bath & Beyond and Nordstrom.
Bitcoin, the first cryptocurrency, was launched in 2008. On June 18, the social media giant and its partners are reportedly set to introduce the Geneva-based Libra Association, which will oversee the cryptocurrency.