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Aya Lin · · 1 min readIn brief: Big backers flock to Facebook’s new cryptocurrency
- Facebook’s new cryptocurrency, which it looks to unveil in the following week, has received investments from more than a dozen companies, including Visa, Mastercard, PayPal, and Uber, The Wall Street Journal reported, citing people familiar with the matter.
- The collection of companies will pour around US$10 million each in a consortium that will govern the digital coin, the people said.
- The social media company will use the money to fund the creation of the coin, which will be fixed to government-issued currencies to avoid swings, the people added.
Editing by Dante Gagelonia
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