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PayPal And Uber To Back Facebook’s Cryptocurrency

The new coin is getting some decent digital muscle behind it.

Facebook may have only announced its personal cryptocurrency less than a month ago, but that doesn’t stop aspiring investors from betting on the new venture as early as now.

Currently known as Project Libra, the new project was originally created as a means to make it easier for users to send and receive payments to and from each other.  The project has since received dozens of offers from interested investors. Some of the most prominent companies to invest in Facebook’s digital currently include PayPal, Uber, Visa, Mastercard, and Stripe. Travel website, although not a financial entity, also joined the list of investors.

Royal Bank of Canada sent out a note to its investors, saying that the company “[believes Libra] may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams.”

Facebook is hoping to receive a total funding of about $1 billion, enough to allow Libra to be used as a stablecoin for the US dollar. Like a traditional currency, a stablecoin is backed by the government, making it less prone to any volatility and risks the market. Other than that, there are no details yet as to how Libra will work or operate, apart from being used in Facebook-owned applications and payment methods.