Facebook hires Silicon Valley oligarchs as rulers of Globalcoin

Facebook’s upcoming cryptocurrency will be run by a consortium of around a “dozen” companies—each paying Facebook $10 million for the privilege—that will include Uber, PayPal, Mastercard and Visa, according to the Wall Street Journal.

Stripe, MercadoLibre and will also reportedly be involved, though it remains unclear how.

The social media giant’s stablecoin, dubbed GlobalCoin, is set to release its white paper on June 18. Developed as part of a highly secretive internal program called Project Libra, GlobalCoin is expected to be pegged to a basket of fiat currencies—including the US dollar, the Japanese yen and the euro—and is set to roll out across around a dozen countries some time next year, according to the BBC. Facebook has also reportedly sought to…

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