Facebook rallies tech giants to support GlobalCoin crypto

Facebook Inc is now pushing hard to ensure its GlobalCoin cryptocurrency is fully supported by payment giants and tech companies.

Wall Street Journal has just reported that Facebook has enlisted an elite group of tech companies and payment giants including Uber Technologies Inc, MasterCard Inc, Visa Inc and PayPal Holdings Inc to support its new digital currency.

The WSJ said each participant are to invest about $10 million in the creation of the digital currency which is to be pegged against various fiat currencies.

Earlier this month, we reported that Facebook will be releasing the white paper of its planned stablecoin to the public. The white paper which is a norm for every digital currency project will definitely everything about the cryptocurrency, its use cases and other technical information.

Facebook has not given more details on the project apart from the fact that the white paper will be released on the 18th of July.