Visa, Mastercard, PayPal, Uber Back Facebook’s Crypto Initiative
- The company is expected to publically announce its crypto projects later this month.

According to the June 13 report, the companies formed a consortium to govern the digital currency, and each has invested $10 million in the social media giant’s project.
Other companies, including Stripe, Booking.com, and MercadoLibre, are part of the project. However, the publication did not specify their exact role on it.
Though Facebook did not announce anything officially, media reports revealed that the company is developing a stable digital currency, which is expected to be the native token across its social media platforms - Messanger, WhatsApp, and Instagram.
The recent report also detailed that neither Facebook nor the consortium will control the digital currency, and against the investments, members can run nodes for the decentralized payments network.
Uber, Visa, Mastercard, PayPal, Facebook, JP Morgan, Fidelity, ICE, etc...big institutions continue to build (some) exposure to #crypto. Only a matter of time before every fund has 1-5% allocation in $BTC. https://t.co/kOUr23dQXr
— John Todaro (@JohnTodaro1) June 13, 2019
The decentralized project can be a massive success for the Menlo Park-headquartered company as a Barclays analyst earlier predicted that it could bring as much as $19 billion to the company in revenue each year.
An earlier report also suggested that the social media platform is aiming to raise $1 billion for ambitious its crypto projects.
Bringing crypto to the mass
Facebook’s dive into crypto can give the industry a massive boost in terms of digital currency adaptation. According to Statista, Facebook has more than 2.3 billion users across the globe, while it's subsidiary platform WhatsApp gets 500 million daily active users. However, the company’s booming platform is Instagram, a photosharing platform, which attracts around 1 billion users a month.
Finance Magnates earlier reported that the California-based company is constantly increasing the strength of its Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term team and is currently standing at 100 employees. The firm is even considering to pay its employees in cryptocurrencies.
According to the June 13 report, the companies formed a consortium to govern the digital currency, and each has invested $10 million in the social media giant’s project.
Other companies, including Stripe, Booking.com, and MercadoLibre, are part of the project. However, the publication did not specify their exact role on it.
Though Facebook did not announce anything officially, media reports revealed that the company is developing a stable digital currency, which is expected to be the native token across its social media platforms - Messanger, WhatsApp, and Instagram.
The recent report also detailed that neither Facebook nor the consortium will control the digital currency, and against the investments, members can run nodes for the decentralized payments network.
Uber, Visa, Mastercard, PayPal, Facebook, JP Morgan, Fidelity, ICE, etc...big institutions continue to build (some) exposure to #crypto. Only a matter of time before every fund has 1-5% allocation in $BTC. https://t.co/kOUr23dQXr
— John Todaro (@JohnTodaro1) June 13, 2019
The decentralized project can be a massive success for the Menlo Park-headquartered company as a Barclays analyst earlier predicted that it could bring as much as $19 billion to the company in revenue each year.
An earlier report also suggested that the social media platform is aiming to raise $1 billion for ambitious its crypto projects.
Bringing crypto to the mass
Facebook’s dive into crypto can give the industry a massive boost in terms of digital currency adaptation. According to Statista, Facebook has more than 2.3 billion users across the globe, while it's subsidiary platform WhatsApp gets 500 million daily active users. However, the company’s booming platform is Instagram, a photosharing platform, which attracts around 1 billion users a month.
Finance Magnates earlier reported that the California-based company is constantly increasing the strength of its Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term team and is currently standing at 100 employees. The firm is even considering to pay its employees in cryptocurrencies.