Facebook New cryptocurrency Libra backed by Visa, Mastercard, PayPal and Uber
California, 18th June 2019: Facebook will unveil its cryptocurrency "Libra" in a bid to bring cryptocurrency payments into the mainstream with the backing of big tech companies.
The world's biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of "blockchain" technologies such as bitcoin.
Facebook is setting up a consortium called "Libra" which backed by more than a dozen companies including Visa, Mastercard, PayPal, and Uber.
The companies along with venture capitalists and telecommunications firms will reportedly invest around $10 million each into the consortium.
Facebook has been trying to ward off hostile regulatory scrutiny after a series of privacy abuses and the spread of fa...