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Facebook ropes in Visa, MasterCard, Paypal and others to back its cryptocurrency days before launch

Facebook has roped in more than a dozen companies including Visa, Mastercard, PayPal and Uber to back its new cryptocurrency, named Libra, The Wall Street Journal reported (paywall) on Thursday. Each company will invest around $10 million in a consortium that will fund and govern the cryptocurrency, the report said, citing people familiar with the matter. Facebook plans to release a white paper introducing Libra next week before launching it in 2020. To avoid the wild swings that have dogged other cryptocurrencies, it will be pegged to a basket of government-issued currencies, the sources told WSJ. This type of currency is known as a stablecoin. By creating an independent foundation to oversee its cryptocurrency, Facebook is introducing a level of decentralisation to avoid regulation related to it holding too much power over a global currency, per TechCrunch. Each of the companies in the consortium will validate…

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