Emailed on June 14th, 2019 in The Friday Forward

Facebook has secured the backing of over a dozen companies for its upcoming Libra cryptocurrency set to be announced next week, The Wall Street Journal reports. These companies include major financial organizations like Visa and Mastercard, and internet darlings like PayPal, Uber, Stripe, and Booking.com. Each will invest around $10 million to fund development of the currency, and will become part of the Libra Association, an independent consortium that will govern the digital coin independently of Facebook.

The cryptocurrency, which will reportedly be called Libra, will function as a “stablecoin,” meaning it will be pegged to a basket of government-issued currencies in order to limit the volatility typically associated with cryptocurrencies like Bitcoin. Stability is a key concern, since Facebook is hoping to attract users in developing countries with an alternative to more volatile local currencies.

As well as allowing users to send money over Facebook’s messaging products like WhatsApp and Messenger, Facebook hopes that its partnerships with e-commerce firms will allow users to spend the currency online.

Let me get this straight...

The general public: We're upset you're selling our personal data willy nilly, especially to manipulate major global events.

Facebook: Here's a cat gif. Cool if we manage your money too?

The general public: Sure.