Facebook's cryptocurrency could be announced next week with major partners

REVEALED The giant companies paying $10m for Facebook crypto nodes

REVEALED The giant companies paying $10m for Facebook crypto nodes

On paper, cryptocurrencies, which are built on the ledger-based blockchain system, provide a lot of the values Facebook is looking for, such as immutable data and a transaction system where all parties must verify a payment before it's completed. RBC also said that the social media giant has "crypto opportunity" and told investors that the firm will touch new highs in the future with the upcoming cryptocurrency announcement.

Facebook won't directly control the coin, nor will any individual backer of the group, known as the Libra Association.

The project is set to raise $1 billion, and already has some major backers in the form of Uber, Paypal, and Visa.

Social media platform Facebook has reportedly secured support from dozens of players in the cryptocurrency and blockchain sector for its forthcoming digital currency.

Partners include Visa, Mastercard, PayPal, Uber, Stripe, and Booking.com, willing to invest $ 10 million each to join the Libra Association, a consortium that should remain independent of Facebook.

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The cryptocurrency, which will reportedly be called Libra, will be unveiled on June 18th, according to TechCrunch, with a full release planned for 2020.

With Argentina-based e-commerce site MercadoLibre, fintech company Stripe and hotel-reservation website Booking.com having already signed up for the project, Facebook is reportedly planning to go worldwide.

According to RBC Capital Markets analysts Mark Mahaney and Zachary Schwartzman, the move from Facebook "may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams".

Libra is expected to function as a stable coin as it will be pegged to a basket of USA government issued currencies in order to limit the volatility that is associated with cryptocurrencies. With the company's plans to soon step into the crypto arena, the latest buzz tells us more about Facebook's new venture.

Naturally, the project has caught the attention of regulators around the world due to the sheer scale of Facebook's user demographics.

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