The Wall Street Journal revealed Thursday that the social media giant has signed on more than a dozen backers for its GlobalCoin cryptocurrency, a stablecoin that has been developed in secrecy for longer than six months. Each of the new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency.
Stripe, Booking .com and MercadoLibre are involved in the project, as per the Journal, though the report does not specify what their roles are.
Facebook proclaimed it was launching GlobalCoin last December, though the company indicated that it was searching for cryptocurrency as far back as the end of 2017. The crypto is expected to be a stablecoin that will operate within the company’s messaging infrastructure – WhatsApp, Instagram and Facebook Messenger.
However, Facebook has become tight-lipped about what exactly GlobalCoin will be used for, though the BBC suggested that Facebook may look to retailers, enabling its users to purchase discounted goods using the cryptocurrency. The cryptocurrency would be used to transfer value directly from Facebook to the retailer, cutting out credit card companies in the middle, which BBC suggests would assist the retailers’ profits.
GlobalCoin is now supposed to be unveiled on June 18.