Facebook has announced they are to launch their own digital cryptocurrency in 2020 which is backed by Mastercard, Visa and PayPal.
The cryptocurrency called Libra has thus far enlisted 28 companies including Spotify and Uber who each had to invest $10m to be a founding member.
According to David Marcus who started exploring blockchain at Facebook said, Libra is supported by a reserve of the world’s most trusted central banks who have given the currency a “general cautious support.”
He said, “Libra holds the potential to provide billions of people around the world with access to a more inclusive, more open financial ecosystem.”
Stefano Parisse, group director of product and services at Vodafone Group said, “As a Founding Member of the Libra Network, Vodafone will extend its commitment to digital and financial inclusion by supporting the creation of a new global currency and encouraging a wide range of innovative financial services to be developed through its open-source platform.
“This has the potential to be truly transformative and will benefit those who have never used, or are struggling to access, financial services around the world.”