Facebook secures Visa, Mastercard, PayPal backing for Libra cryptocurrency

Facebook has received backing from Visa, Mastercard, PayPal, Uber, Stripe, Booking.com and other companies for its upcoming Libra cryptocurrency, which will be announced next week. Each company will invest around $10 million to fund the cryptocurrency and will become members in the Libra Association to govern it, according to a report in The Wall Street Journal.

Libra itself is expected to act as a stablecoin, so it will have a set value unlike the highly volatile bitcoin. Facebook users will be able to send the Libra cryptocurrency over WhatsApp and messenger.

The social media giant also plans to allow users to spend the tokens online or convert their money into Libra using physical terminals similar to ATMs, according to the report.