Facebook signs Visa, Mastercard, PayPal and Uber to back new cryptocurrency

It has just been reported by the Wall Street Journal that Facebook has signed on some pretty big names to help back its upcoming crypto, codenamed Project Libra. Apparently companies involved include Visa, Mastercard, PayPal and Uber, and likely more are to be announced.
Facebook signs Visa, Mastercard, PayPal and Uber to back new cryptocurrency
The article claims each company will be investing around $10 billion into Facebook's project, which is looking to raise at least $1 billion. Some companies have not been named because negotiations are still ongoing. It is likely many of these companies will control "nodes" of the network and have some say in the coins governance, but it is at this time unclear what each organization's specific role will be.
From the article:
"Facebook won’t directly control the coin, nor will the individual members of the consortium known as the Libra Association. Some of the members could serve as 'nodes' along the system that verifies transactions and maintains records of them, creating a brand-new payments network, according to people familiar with the setup."
Facebook's "Libra" is looking to compete against Bitcoin and other cryptos by not only being available to use across Facebook and likely much of the internet in time, but also by being pegged to a "basket of currencies" in order to avoid the extreme price fluctuations that much of crypto sees.
The whitepaper for the new currency is expected later this month, and it is believed that the members of this consortium will each sign it, though it is not yet known what the paper will include.
Will Faceboook's new coin actually give the rest of the crypto sphere a run for its money? Or will it ultimately just lead more people to Bitcoin and other "true" cryptos?
Facebook signs Visa, Mastercard, PayPal and Uber to back new cryptocurrency Facebook signs Visa, Mastercard, PayPal and Uber to back new cryptocurrency Reviewed by Chaudhry on June 14, 2019 Rating: 5
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