Global: Facebook’s New Cryptocurrency Gets Big Backers

WSJ

Facebook Inc. has signed up more than a dozen companies including Visa Inc.,Mastercard Inc., PayPal Holdings Inc. and Uber Technologies Inc. to back the new cryptocurrency that the social-media giant plans to unveil next week. The collection of financial firms and e-commerce companies will invest around $10 million each in a consortium that will govern the digital coin, according to people familiar with the matter. The money would 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, they said.

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