Facebook Successfully Gained Support of High-Profile Tech Giants like Mastercard, PayPal and Uber for its Blockchain Project

Facebook’s secretive blockchain project is under development and seems like some of the big companies are already on board.

According to reports of The Wall Street Journal, prominent firms like Uber, Stripe, Visa, PayPal, MasterCard, and Booking.com are all set to support the new cryptocurrency by the tech giant.

From almost a year, several Facebook employees have taken up a project of building applications for blockchain. Reportedly, the company has been creating its own cryptocurrency and is expected to disclose it in the coming week.

As per reports, Uber and Stripe have invested $10 million each to support Project Libra, a codenamed organization that will handle the new digital currency.

According to another report, Facebook has been planning to enlist around 100 companies as “nodes” in the network, so none of the company can have a stronger hold than the other on the digital currency, not even Facebook.

David Marcus who was heading the Facebook Messenger business before is now leading the blockchain venture of the company. It is believed that concerns over Facebook’s privacy and the new narrative to promote it on the social networking site will be supported by it.

However, the CEO of Facebook, Mark Zuckerberg thinks that criticism over Facebook’s misinformation, fake news, and other privacy issues will be lowered after this.

Photo: AP Photo/Richard Drew

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