Facebook’s cryptocurrency based payments system gets big backers: WSJhttps://indianexpress.com/article/technology/technology-others/facebooks-cryptocurrency-based-payments-system-gets-big-backers-wsj-5781403/

Facebook’s cryptocurrency based payments system gets big backers: WSJ

Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter. The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies, the report said.

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Facebook said it will not track passwords or account IDs and it will periodically remind people that the app is collecting their data. (AP)

Facebook Inc has enlisted more than a dozen companies including Visa Inc, Mastercard Inc , PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported on Thursday.

Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter. The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies, the report said.

Facebook, Mastercard, Paypal, Visa and Uber did not immediately respond to requests for comment.