Facebooks New Cryptocurrency Attracts Large Backers

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Last week it was reported that Facebook has enlisted several major companies to back its new cryptocurrency. The new brands on board are: PayPal, Mastercard, Visa and even app start-up Uber. Each corporation will invest approximately USD $10 million in an elite association that many say is on track to govern the cryptocurrency market, a reporter from the New York Wall Street Journal stated.

These backers will fund the initial creation of the coin, that will be pegged to a number of government-issued currencies.