Visa, Uber and PayPal are three of 10 companies reportedly backing Facebook’s crypto asset GlobalCoin.
Each company will contribute $10 million to the social media giant’s foray into crypto, according to the Wall Street Journal. The report cites “people familiar with the matter.”
Development of the stablecoin has been shrouded in secrecy for months. A number of reports say the coin will be integrated with WhatsApp and Instagram, and will be initially released in developing countries with volatile currencies.
Rumors of Facebook’s entry into the cryptosphere first surfaced in December of last year, when a major staff shakeup at the company, resulting in the formation of a blockchain team, was leaked to the press.
In August, a post from Facebook on LinkedIn stated the company was looking for a blockchain expert with public policy and crypto experience.
A separate job listing from December stated that the company is exploring ways to give billions of people a new way to access financial services and share data.
“The blockchain team is a startup within Facebook, with a vision to make blockchain technology work at Facebook scale. We’re exploring areas of interest across all facets of blockchain technology. Our ultimate goal is to help billions of people with access to things they don’t have now – that could be things like equitable financial services, new ways to save, or new ways to share information.”
Bitcoin analyst Andreas Antonopoulos speculates that the rise of Facebook’s GlobalCoin could major spell trouble for big banks, as the social networking giant leverages its massive user base of 2.5 billion monthly active users, along with its tech experience, to offer financial services.