Bitcoin Forum

WSJ: Facebook Crypto Project Seals $10M Investment Each From Visa, Mastercard, Paypal, Uber

Facebook has allegedly sealed backing from over a dozen firms that include Visa, Mastercard, PayPal and Uber for its soon-to-be-unveiled cryptocurrency project. The news was reported by the Wall Street Journal (WSJ) on June 13.

Source ostensibly familiar with the matter told the WSJ that the firms — extending across the finance, e-commerce, venture capital and telecoms industries — have each invested around $10 million in a consortium that will govern Facebook’s forthcoming digital token, dubbed Libra. 

The WSJ’s sources reiterated details that had previously surfaced in regard to the highly secretive project, notably that the social media giant’s forthcoming crypto will allegedly be a fiat-pegged stablecoin, pegged to a basket of national fiat currencies to avoid price volatility.

https://cointelegraph.com/news/wsj-facebook-crypto-project-seals-10m-investment-each-from-visa-mastercard-paypal-uber

https://images.cointelegraph.com/images/740_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8wMjdkYTlhYjU5MjdhM2QzZjM4NGJhZWQyYThmMGFjOC5qcGc=.jpg

It sounds like Facebook coin or whatever they're going to call it, is going to take the world by storm. Just imagine the implications of crypto being educated to the masses. They certainly have the leverage, I wonder what they've been planning up to this point and what consensus will it use?
   What kind of blockchain approach will they try, or maybe they're creating one from scratch? Will it be decentralized? I'm on the edge of my seat.  :P

Uber and Paypal , what can ever go wrong ?
40-50 mil USD is not something super lavish for a huge crypto project like that
and it is so secretive that even the figures were revealed ? doesn't make sense
but one thing for sure : this has as much to do with the cryptocurrencies in its orthodox definition as my grandma with nuclear physics
fiat backed , tied to a basket of freely printed paper , controlled by one of  the companies that wants crypto suddenly board a rocket and go to Maars and never come back ( PayPal)

https://i.redd.it/9hdwx4tacd431.jpg

Some people in crypto community are enthusiastic about Facebook coin and other centralized projects, but they don't understand that Facebook coin is not here to bring mass adoption to crypto and send it to the moon, it is here to takeover the growing community and direct it into their own centralized, anti-consumer products.

I don't really buy that myself. For first worlders it's no different to everything else that's out there already.

For people living in drains in the third world it could unlock their access to online economies and by extension eventual cryptoness.

There's nothing that stops them from using crypto now, yet they choose not to, so even if they will adopt Facebook coin, they will be unlikely to switch to true crypto later, just like people today still use Google and not DuckDuckGo, Windows over Linux and so on. The only way Facebook will have an edge is if they will create marketplaces that use their coin or make existing ones adopt it, things like freelance sites, online auctions and other, but people need to have some good reason for switching from their current methods to Facebook coin, and I don't see what could it be.

Wow very excellence project and sound good for us it's very interesting project of facebook the management give their all effort for this project to make sure become successful. Good luck to facebook hoping for the success, for sure a lot of people can encourage to adopt crypto becuase of the influence of this project.

At this juncture, it seems to me that GlobalCoin is enjoying the financial support of big names in different indsutries and I am sure that these big names will be integrating GlobalCoin into their own respective platforms...which basically means that the potential market of this new cryptocurrency (though many are raising eyebrows for the category) aside from the given social media platforms controlled by Mark Zuckerberg. The team behind the project know what they are doing and as early as now they know the value of forging strong and valuable partnerships. Many people are excited of what will be for this coin and equally there are those who are preferring to doubt and even don't like it...so let's just see what can happen when the door is finally open for GlobalCoin.

The thing that is stopping mass adoption is a Ludite mentality, and a knockout interface that every one from the kids to granny can use.
If I wanted to explain to my grandmother what a cryptocurrency was, and the whole Blockchain and all of its implications, she'll fall asleep as soon as a say consensus. If I use an anology by explaining crypto using an interface like Facebook (which is familiar and tangible, from the young, to the old), the concept would be easy to grasp.
    Picture what Facebook coin will do for the Instagram (Facebook owned) crowd. Instagram is quite the hot commodity, who hasn't had a guilty pleasure and fancied a glance at the yogapants gallery?
 
;D
 Forgive me for my immorality.

well well well
soo much interest about this one.
with backed by real big company as a uber Visa Paypal.
i wonder how this coin will fight against bear market.