Facebook’s Crypto Project Gets Big Support

Facebook plans to reveal their crypto plans next week and now they count a group of impressive backers to support the effort; Visa Inc., Mastercard Inc., PayPal and Uber have all agreed to provide $10mn to help govern the coin in a consortium; Facebook declined to comment but will soon release their plans and still have talks ongoing with additional partners; Libra, as the project is named, will be pegged to government issued currencies to avoid issues that have hurt other cryptocurrencies with significant volatility in price. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.