Why Facebook’s Secretive Cryptocurrency Project Matters: Term Sheet

Jun 14, 2019 - Fortune
Board and Executive Moves-Mergers and Acquisitions-IPOs-Investments

Well, here's a financing you don't see every day.

Visa, Uber, Mastercard, PayPal and Stripe will invest approximately $10 million each in a consortium to back Facebook's new cryptocurrency, according to The Wall Street Journal.

Although the project is still largely under wraps, Facebook has been recruiting high-profile backers to help start a crypto-based payments system called Libra. Libra is rumored to be a "stablecoin" whose value will be pegged to a basket of government-issued cu...