Facebook today is about to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants.
The world´s biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of “blockchain” technologies such as bitcoin.
Facebook is setting up a consortium called “Libra” which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, Mastercard, PayPal and Uber.
The companies along with venture capitalists and telecommunications firms will reportedly invest around $10 million each into the consortium.
Facebook has been trying to ward off hostile regulatory scrutiny after a series of privacy abuses and the spread of fake news.
