Facebook has joined dozens of companies in support of the new social network cryptocurrency that is expected to be launched soon and among them has big names reported on The Wall Street Journal on Thursday.
Visa, Mastercard, PayPal, and Uber are some of the most lucrative companies that will support the new Facebook technology. Each of them will invest nearly $10 million in the consortium that will oversee cryptocurrency, the WSJ reported, citing people close to the issue.
The money will be used to fund the creation of a currency that could be exchanged with some of the world’s most powerful paper money, the report further said. The social network decides not to comment on the report. Last week, it was reported that Facebook is close to the debut this month the cryptocurrency.
While the encryption blockchain will be much more centralized than bitcoins with 100 or fewer nodes in the payment network, the company will benefit from outsourcing assistance to keep the system running.
Apart from building trust, this system would be a frontier payment platform. A smooth launch would be vital to the health of the counterfeiter without mentioning the need to address the troubles with the regulatory authorities which have shown little skepticism about cryptocurrencies.