Facebook got money from Visa, Mastercard, PayPal and Uber for its crypto project

  • Several high profile companies invested in Facebook's cryptocurrency project.
  • The white paper will be published on June 18.

The non-profit organization that will serve as an operator of Facebook’s stablecoin raised investments from such heavyweights as Mastercard, PayPal and Uber, the Wall Street Journal reports, citing knowledgeable sources.

Allegedly, the above-said companies, along with others, invested $10 million each in the collateral reserves of the coin that will be pegged to a basket of fiat currencies. Notably, neither the coin’s operator, Libra Association, nor Facebook will directly control the stablecoin.

Notably, some network participants do not fully understand how it functions. 

Earlier it was reported that the company had created a special structure to attract companies into the project. The participants should pay the entrance fee of $10 million, according to the WSJ.

Fintech startup Stripe Inc., Booking.com and MercadoLibre Inc. have already joined the network with the aim to use Facebook’s GlobalCoin.

 Meanwhile, Facebook has yet to confirm the speculations about GlobalCoin launch. The white paper is expected to be published on June 18.

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