Uber, Paypal , Visa and among others backs Facebook’s Globalcoin.

According to a new report, the Facebook’s new cryptocurrency, ‘GlobalCoin’ will be backed by Mastercard, PayPal and Uber.
The social media giant – Facebook- has signed on more than a dozen backers for its GlobalCoin cryptocurrency, a report from the Wall Street Journal. This stablecoin that has been developed for more than six months though shrouded in secrecy.

As part of the right of association between the companies for the cryptocurrency, the new backers will invest roughly $10 million each in the project. Others in the part of the project according to the Journal are Booking.com and MercadoLibre though the report does not specify what their roles are in the project.

GlobalCoin was set to be launched by Facebook as it announced last December, though the company indicated that it had this intension for Cryptocurrency since ending of 2017 . The crypto will operate within the company’s messaging infrastructure – WhatsApp, Facebook Messenger and Instagram and it’s expected to come as a stablecoin.

Presently, Facebook has been keeping mute about what exactly GlobalCoin will be used for, though Facebook may have deals with retailers, allowing its users to purchase discounted goods using the cryptocurrency, the BBC suggested.

Retails will be at gains if cryptocurrency would be used to transfer value directly from Facebook to the retailer, bye passing credit card companies in the middle, which BBC suggests would help the retailers’ profits.
On June 18, GlobalCoin is expected to be unveiled.

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Credit: Nikhilesh De

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