Facebook Signs Partnership With Major Brands For Its Crypto Business

Facebook cryptocurrency coin

Facebook is still on and going with ith it’s Cryptocurrency business, and just in the latest development, the tech giant has signed major partners for its cryptocurrency network

To build a great product, you have to build a network for its sustainability, and that is exactly what Facebook is doing recently, as it plans to unveil its own Global Coin towards the end of the month of June. Ye! it is that close.

Facebook certainly needs backings from major brands to foster its coin business, and a new report from a reliable source reveals that the company has just bagged partnerships with the major brand including the likes of  Mastercard, Visa, Uber, and PayPal who are all going to be supporting the social media giant’s upcoming digital coin which will officially roll out next year. As of the time of writing this article, the Big FB has already signed up more than a dozen companies. A good way to start, you may like to say, assuming you understand what that means for the company.

In the Blog post published by TNW, each of these firms will invest a reported $10 million to help support GlobalCoin and to be part of the coin‘s governing consortium called the Libra Association.

Other brands that have also signed up for the Libra Association include Fintech firm Stripe, Booking.com, and Argentinian e-commerce site- MercadoLibre, all in an attempt to support the project, however, their involvement is still unclear. Previous reports about GlobalCoin have said it will be accepted by merchants all over the world, in this case, these partners might be a hint at several other things to come.

While we await more explanation on what the business is going to be in the consecutive update, Facebook has informed that the GlobalCoin white paper will be available next week, and at that, it has asked partnering companies to cosign the paper. Facebook is definitely aiming for the top in all its ambition, and it is certain that it is not aiming for anything less in the upcoming Cryptocurrency business.


Leave a Reply

Notify of