Facebook has signed some big-name backers for its upcoming cryptocurrency — including Visa, MasterCard, PayPal and Uber, according to the Wall Street Journal.
It looks like Facebook is working with the US government to run a trial of the transition from Fiat Money and Banking System into US Government-backed cryptocurrencies. After all – the Facebook business model is not based on the current Fiat Currency exchange at the User level! What the Fuck is REALLY GOING ON HERE?
The companies will invest around $10 million each to be part of a consortium, which will reportedly “be used to fund the creation of the coin, which will be pegged to a basket of government-issued currencies to avoid the wild swings that have dogged other cryptocurrencies.” Facebook is expected to launch its cryptocurrency project next week. The details about how the consortium will work are still fuzzy, even to corporate members, according to the Journal’s sources.
[AnnaMaria Andriotis, Peter Rudegeair and Liz Hoffman / The Wall Street Journal]