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. New Photo Sparks Concerns Over NASA Astronaut Sunita Williams' Health
  3. iPhone 15 Becomes the Best-Selling Smartphone Globally in Q3 2024
  4. iQOO 13 With Snapdragon 8 Elite SoC to Launch in India on This Date
  5. Huawei MatePad 11.5 With 2.2K LCD Screen, 7,700mAh Battery Launched
  6. Bitcoin Breaches Recent ATH to Mark New Milestone at $76,000
  7. You Can Now Add AI-Generated Objects to Your MS Paint Images
  8. Vivo X200 Series Confirmed to Launch in Global Markets Soon
#Latest Stories
  1. SpaceX’s Dragon to Reboost ISS for First Time, Paving Way for Future Deorbit Mission
  2. Sony WF-C510 TWS With Up to 22 Hours of Total Battery Life Launched in India
  3. Google Cloud Partners With DeliverHealth to Bring AI Solutions for Clinical Documentations
  4. OxygenOS 15 Will Occupy 20 Percent Less Space on OnePlus 13 By Reducing Redundant Features: Report
  5. Sony Patents 'Gameplay Rewind' Universal Controller Button: How it Works
  6. Black Holes Explosions Driven by Hawking Radiation May Unveil New Physics
  7. Oppo Find X8 Ultra Display Details Tipped; Said to Offer Quad-Curved Edge Panel With 120Hz Refresh Rate
  8. YouTube Reportedly Rolling Out Redesigned Playback Speed Feature for Android, iOS Users
  9. NASA Astronaut Sunita Williams Health Deteriorates Amid Extended ISS Mission, New Photo Raises Concern
  10. Motorola's New Rollable Smartphone Patent Suggests Multiple On-Screen Fingerprint Sensors
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 »