Visa, Uber, and PayPal Are Reportedly Backing Facebook's Cryptocurrency

Visa, Uber, and PayPal Are Reportedly Backing Facebook's Cryptocurrency

On Friday June 14, 2019, Victoria Song at Gizmodo wrote:
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,, 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.

About the Author:

We come from the future. Victoria Song has recently written 7 articles on similar topics including cryptocurrency:
  • "Facebook’s Libra cryptocurrency is off to a rocky start. After announcing Libra last month, U.S. lawmakers were none too thrilled given the social media giant’s dubious track record with privacy. Now, the U.S. House Committee on Financial Services is calling on Facebook to halt its plans". (July 3, 2019)
  • "Remember back in 2016 when everybody was posting those Mannequin Challenge videos? Well, it turns out that instead of collecting dust in Ye Olde Meme Archive, Google researchers are using the videos to help train robots to better navigate their surroundings". (June 27, 2019)
  • "YouTube’s recommendation algorithm doesn’t have the best track record. It’s been caught mixing up inappropriate videos featuring popular kid’s entertainment characters, pushing home videos of children to pedophiles, and even radicalizing youths toward extremist politics. Against that backdrop, the video platform announced it’s going to start giving users greater control over what content pops up on their homepage and Up Next videos". (June 27, 2019)
  • "The U.S. Justice Department recently signaled it was exploring possible antitrust investigations into Google and Apple. Leading those investigations—assuming they actually happen—would be none other than Assistant Attorney General Makan Delrahim, a former lobbyist that presidential hopeful and Massachusetts Senator Elizabeth Warren says should recuse himself due to his history with both companies". (June 11, 2019)
  • "The worst part about visiting somewhere you don’t speak the local tongue is that sinking feeling as you squint at a phrasebook, open your mouth, and prepare yourself to totally butcher the language. If that’s your nightmare, good news. Google is working on an AI that can actually speak in another language using your own voice". (May 17, 2019)
  • "Remember when a few years ago, Facebook forced us all to download the standalone Messenger app to chat with friends? It appears it’s now backtracking on that and looking to roll chats back into the main Facebook app". (April 12, 2019)
  • "By now, we’re all familiar with Apple’s marketing speak about how its products will change everything. It trotted out similar language at its services event yesterday when introducing the Apple Card, its credit card with Goldman Sachs. But now that we have the facts, is it actually worth getting an Apple credit card? Eh". (March 27, 2019)