Facebook has been in the news for its own cryptocurrency for a while now. With the company’s plans to soon step into the crypto arena, the latest buzz tells us more about Facebook’s new venture.
According to a new report, Facebook has been in talks with several financial institutions for its Project Libra and the list includes Mastercard Inc., Visa Inc., PayPay Holdings Inc., and Uber Technologies Inc.
In addition to the aforementioned companies, the companies that are backing the Facebook cryptocurrency are Stripe Inc., Booking.com and MercadoLibre Inc., as well as a number of more companies.
The report also states that companies partnering with Facebook for its cryptocurrency have invested around $10 million each for the project.
For those who don’t know, Facebook’s plans to develop its cryptocurrency have been around since December last year. The company plans to create a cryptocurrency platform for payments on both Facebook and other platforms.
Additionally, the aim includes ATM-like physical terminals, sign-up bonuses for people going for cryptocurrency as an option for payment, and a concept like Brave, wherein, users will get paid in crypto for watching adverts. Facebook’s cryptocurrency will also work on WhatsApp and Messenger.
As a reminder, we lack concrete details and can’t rely on the above-mentioned ones fully. Facebook is expected to introduce its cryptocurrency on June 18.
Hence, stay tuned until then for all the information you need about Facebook cryptocurrency.