Facebook’s stablecoin project dubbed Libra has reportedly gained the support of some big players in the payment gateway industry to include Visa, Mastercard, PayPal Holdings as well as Uber Technologies, among a dozen other companies, who will each invest at least a sum of USD 10 million, reports the Wall Street Journal.

The Libra project may yet be one of the most formidable cryptocurrency projects till date, considering the number of traditional firms heavily invested into the project – forming a governing consortium; a feat unlike anything experienced in the cryptocurrency industry so far, especially when factoring in the number of competing mainstream payment gateways willing to stake with the project.

In May, the social media giant was reportedly in talks with prominent industry stakeholders Coinbase and Gemini, to help with the launch of the coin. Its recent stride includes pooling financial and adoption support from reputable mainstream companies from the financial, e-commerce, venture capitalists and telecommunication industries.

The social media behemoth isn’t holding back as it pushes for a hard launch of its much-lauded GlobalCoin cryptocurrency which, after much secrecy in its development, is expected to be unveiled next week in preparation for a public launch in 2020. The stablecoin will supposedly be backed by a number of fiat currencies and for use only across its messaging infrastructure – WhatsApp, Instagram, and Messenger.

According to Facebook, it began developing its stablecoin in December 2018, despite having shown interest in the emerging asset class since 2017. It appears the project developers are leaving no stone unturned to ensure the cryptocurrency matches the rallying-hype of being the Bitcoin slayer.

 

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