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FB Cryptocurrency: 12 Things We Know About Facebook’s Project Libra

William White

A FB cryptocurrency is on the way and it looks to have quite the wave of support from big backers.

FB Cryptocurrency: 12 Things We Know About Facebook's Project Libra

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Here’s what we know so far about the Facebook (NASDAQ:FB) cryptocurrency.

  • The project to develop a FB cryptocurrency is called Libra.
  • It has been the works for six months now.
  • Stripe, Booking.com and MercadoLibre are taking part in the project, but it is unknown what exactly they are doing for it.
  • Several large companies will reportedly be backing the development of the cryptocurrency.
  • Some of the big names behind the effort are PayPal (NASDAQ:PYPL), Mastercard (NYSE:MA), Visa (NYSE:V) and Uber (NYSE:UBER).
  • Each of these companies will be putting $10 million into the development of the FB cryptocurrency.
  • This will have them acting as a governing consortium for the virtual currency.
  • It’s also worth mentioning that the FB cryptocurrency is going by the name GlobalCoin.
  • Report claim that the cyrptocurrency will be used by Facebook through its multiple messaging service.
  • There’s also been talk that it will allow users of the social media service to use the virtual currency to purchase goods from retailers via the website.
  • Other reports are claiming that Facebook is preparing to reveal the new virtual currency sometime next week.
  • These same rumors also say that the tech company is preparing to release the FB cryptocurrency in early 2020.

You can follow these links to learn more about Facebook’s plans for its cryptocurrency.

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FB stock was up 1% as of Friday morning.

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As of this writing, William White did not hold a position in any of the aforementioned securities.

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