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Facebook’s cryptocurrency backed by Uber and PayPal

Libra, reportedly the new cryptocurrency from the social media giant Facebook is now getting investments from Uber, PayPal, Visa and Mastercard investing around $10 million each. Other investors include Stripe and booking.com which is indeed a piece of news slowly making Libra a trend.

Libra was designed to be a stable coin that coincides to the US dollar, making it more non-volatile in nature. The company is trying to replace currency with its Libra coin that might show up anytime (possibly next week). It could also work as a payment option like PayPal on multiple sites with the checkout. It might not sound like a replacement now, but it has the potential to become the next big thing depending on the nature of blockchain technology.

It’s not yet clear whether Facebook has achieved its targets to launch the cryptocurrency, but it’s pretty sure that the company is serious about the project and an update might show up anytime. Facebook might even publish the whitepaper of the currency soon.

Source: Wall Street Journal

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