Visa, Uber and PayPal are three of 10 companies reportedly backing Facebook’s crypto asset GlobalCoin.
Each company will contribute $10 million to the social media giant’s foray into crypto, according to the Wall Street Journal. The report cites “people familiar with the matter.”
Development of the stablecoin has been shrouded in secrecy for months. A number of reports say the coin will be integrated with WhatsApp and Instagram, and will be initially released in developing countries with volatile currencies.
Rumors of Facebook’s entry into the cryptosphere first surfaced in December of last year, when a major staff shakeup at the company, resulting in the formation of a blockchain team, was leaked to the press.
In August, a post from Facebook…