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  • Companies backing Facebook’s cryptocurrency already have doubts about the project

    Jun 26, 2019

    Last week, Facebook garnered great attention when they revealed their plans to launch their cryptocurrency libra next year.

    One of Facebook’s biggest arguments for its cryptocurrency is that it will be backed by 27 large companies and organizations. These companies pay $10 million each to get their own node on libra’s blockchain, and for a place in the organization that will control the currency.

    Worried about politicians

    But now comes news that may worry Facebook. Seven of the 27 companies say that they have doubts about libra, and that they have not yet decided whether to pay the money needed to back the project.

    The reason is allegedly the problems Facebook has acquired with lawmakers around the world after, among other things, the Cambridge Analytica scandal, something they now think will affect libras chances. So far, they have been right, several European legislators have made negative statements about the project.

    Companies like Uber and Spotify, who have a lot to gain from reducing their fees to credit card companies, are more positive to libra, the New York Times reports.

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    The post Companies backing Facebook’s cryptocurrency already have doubts about the project appeared first on Trijo News.


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