Major FinTech Companies to Invest in Cryptocurrency Project of Facebook
New Delhi, 14 June (HS): Facebook is going to launch its cryptocurrency “Project Libra” to facilitate online purchases and exchange of money across borders with a more centralised system of blockchain.
In this project, the fintech companies like Visa Inc, Master Card, Mastercard Inc, Paypal Holdings Inc, Uber Technologies Inc will invest $10 million each. The funds so generated will be attached to a basket of government-issued currencies.
Under this project, the merchants who will use this cyber currency may be given bonuses and employees may also be paid in cryptocurrency according to plans of the company. Facebook has also started recruitment for this project.
It is noteworthy that the company is also interested in exploring potential blockchain technology use on its platform. It also intends to minimise risk for investors with hedging practices in cyber currency with ‘Stablecoin’ move on US Commodity and Futures Trading Commission.
