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After months of rumors, it appears a Facebook cryptocurrency is imminent. Reports last week said its planned launch is slated for June 18, and now it appears that the cryptocurrency, Libra, has some legit backers, according to the Wall Street Journal.
The WSJ reports that among those that bought in are Visa, Mastercard, PayPal, Uber, Stripe, Booking.com, and MercadoLibre, an Argentinian e-commerce site.
With all the negative press behind its handling of privacy, getting well-known backers is a de facto endorsement that lends it an air of credibility.Still, ahead of Libras launch, details are still fuzzy when it comes to how the consortium will operate, how the coin works, and how simple it will be to overcome strict regulatory hurdles in most economically advanced nations.Meanwhile, payments institutions get a foot in the door and a way to keep tabs on a potential new competing commerce network if it goes well.