Facebook goes crypto.
Facebook has secured backing from more than a dozen big companies as it prepares to launch a new cryptocurrency, according to the Wall Street Journal.
The newspaper reports that Facebook has enlisted companies including Visa, Mastercard, PayPal and Uber in the effort.
Launch reportedly is set for 2020.
“The financial and e-commerce companies, venture capitalists and telecommunications firms will invest around $10 million each in a consortium that will govern the digital coin, called Libra, according to people familiar with the matter,” the newspaper said. “The money would be used to fund the creation of the coin.”