Facebook has onboarded some big names behind its coming cryptocurrency. According to a new report from the Wall Street Journal high profile companies such as Uber, Visa, Stripe and Booking.com are supporting the companies secretive cryptocurrency. It is expected that Facebook will formally announce details of its project.
For around a year a significant team of Facebook staff have been busy developing applications for blockchain this is known due to several high profile blockchain jobs that have been advertised.
It is being reported that the organisations are investing $10 million US dollars each to run nodes for the newly minted cryptocurrency. The project is codenamed Project Libra. The Information reported last week that Facebook is hoping to enlist as many as 100 organisations to act as “nodes” in the network, which should, in theory, limit any single organization’s control over the digital currency (including Facebook).
Facebook’s blockchain effort is being spearheaded by David Marcus, who previously was in charge of the Facebook Messenger business. Facebook’s move into crypto is considered an integral part of Facebook’s “pivot-to-privacy” which is a top to bottom overhaul of the social network that CEO Mark Zuckerberg has claimed will resolve most of the criticisms around privacy and misinformation on Facebook.