Technology News
English Edition

Facebook's Cryptocurrency-Based Payments System Gets Big Backers: Report

Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported.

By Reuters | Updated: 14 June 2019 13:33 IST
Facebook's Cryptocurrency-Based Payments System Gets Big Backers: Report
Advertisement

Facebook has enlisted more than a dozen companies including Visa, Mastercard, PayPal Holdings and Uber Technologies to back its new cryptocurrency, the Wall Street Journal reported on Thursday.

Each company will invest around $10 million (roughly Rs. 70 crores) in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter.

The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies, the report said.

Facebook, Mastercard, Paypal, Visa and Uber did not immediately respond to requests for comment.

© Thomson Reuters 2019

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Facebook, Uber, PayPal, Visa, Mastercard
Indian Space Station Can Double Up as Eye in the Sky, Former ISRO Chiefs Say
NASA's Mars 2020 Rover to Explore Ancient Life

Related Stories

Facebook's Cryptocurrency-Based Payments System Gets Big Backers: Report
Comment
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Featured
Follow Us
Latest Videos
More Videos
Tech News in Hindi
More Technology News in Hindi
Popular on Gadgets
Latest Gadgets
Popular Mobile Brands
#Trending Stories
  1. Lucky Bhaskar OTT Release Date: Here's Everything You Need to Know
  2. You Can Now Add AI-Generated Objects to Your MS Paint Images
  3. Huawei MatePad 11.5 With 2.2K LCD Screen, 7,700mAh Battery Launched
  4. iQOO 13 With Snapdragon 8 Elite SoC to Launch in India on This Date
  5. Vivo X200 Series Confirmed to Launch in Global Markets Soon
  6. iPhone 15 Becomes the Best-Selling Smartphone Globally in Q3 2024
  7. New Photo Sparks Concerns Over NASA Astronaut Sunita Williams' Health
  8. OnePlus 12 Starts Receiving OxygenOS 15 Update With These Features
  9. Redmi K80 Series Teased; Redmi K80 Pro Could Be Cheaper Than OnePlus 13
#Latest Stories
  1. NASA Astronaut Sunita Williams Health Deteriorates Amid Extended ISS Mission, New Photo Raises Concern
  2. Motorola's New Rollable Smartphone Patent Suggests Multiple On-Screen Fingerprint Sensors
  3. SpaceX to Launch 20 Starlink Satellites from California on November 9
  4. MS Paint Gets AI-Powered Generative Fill Feature in Preview to Windows 11 Insiders
  5. Google Lowers RAM Requirement for Android TV to 1GB but Raises Baseline for Google TV
  6. Honor Magic 7 Lite Reportedly Spotted on Google Play Supported Devices and Play Console
  7. MacBook Pro, Mac Mini With M4 Pro Chips Gain Support for High Power Mode on macOS: Report
  8. Crypto Price Today: Bitcoin Breaches Previous ATH to Mark New Milestone at $76,000
  9. Vivo X200 Series Confirmed to Launch in Global Markets Soon
  10. Google Pixel Phone Reportedly Get Battery Charging Limit Feature With November 2024 Update
Gadgets 360 is available in
Follow Us
Download Our Apps
App Store App Store
Available in Hindi
App Store
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »