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Visa, Paypal says they pay $ 10 million to run & # 39; Facebook Coin & # 39;

Large companies such as Visa and PayPal are reportedly willing to pay millions for the privilege of running a node on the Facebook crypto competition network.

Facebook's foray in crypto has been met with mixed reaction. Some greet it as the next step in a global financial revolution, while others have expressed concerns about the company's shady past security, privacy, and data abuse record.

Nevertheless, US technology and finance giants will clearly have a piece of Facebook crypto tag. According to Wall Street Journal a number of finance and e-commerce companies, venture capitalists and telecommunications companies have already promised to reverse the new project.

Big names will have on GlobalCoin [1[ads1]9659005] The report added that over a dozen companies that include Mastercard Inc, Visa Inc, PayPal Holdings Inc, Stripe Inc,, and Uber Technologies Inc, have formed a consortium and agreement to pledge $ 10 million to secure governance over New Crypto coin.

It was reported last month that the social media giant recruited backers and aimed to raise $ 1 billion for the crypto project.

 Fear Bitcoin, VISA and Mastercard Reclassify Crypto Purchases as Cash Advances

The currency called "Libra" or "Global Coin" is expected to be released next week. The stability loan will be attached to a basket of government-issued currencies – similar to the IMF's SDR curve with fiat currencies – to avoid the volatility of cryptographic curves.

The report was not very complementary to bitcoin statements, [19659010] It has been a decade since bitcoin was born, but consumers hardly use it – or hundreds of other cryptographic baskets – to pay for things. Facebook is committed to changing it with a crypto-based payment system built around its giant social network and its billions of users.

The usual regulatory concerns have been raised when governments become anxious about the potential for money laundering. According to WSJ, Facebook will not accurately control the new coin, nor the individual members of the consortium, known as the Libra Association.

When you quote people familiar with the situation, it added that someone could serve as nodes for blockchain transaction validation.

Facebook remains the direct developer of the heavily guarded technology, so the influence over the coin is likely to be as strong as it has over the data on the social media platform. Like Google, Facebook has a very secret algorithm that determines what users can and can't see in their news feed.

Facebook Coin & # 39; Will Boost Bitcoin

Co-founder and Partner at Morgan Creek Digital Anthony & # 39; Pomp & # 39; Pompliano said the move was especially bullish for Bitcoin adoption considering that two of the backers are Visa and Mastercard.

Participation in the Libra project allows companies such as PayPal, Visa and Mastercard to exercise some degree of control over the new & # 39; cryptocurrency & # 39; and its centralized management. This makes the new coin as opposed to Bitcoin which is an open crypto competition, so anyone can download the software and run a node.

Therefore, "Facebook Coin" is unlikely to pose any real threat to the future of decentralized peer-to-peer finance. Instead, it seems to be more like a competitor of banks or Starbucks rewards than P2P's digital gold. & # 39;

Will Facebook crypto be a threat to bitcoin? Add your thoughts below.

Pictures via Shutterstock

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