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Venture capitalists, financial, e-commerce, telecommunications companies such as Visa, Mastercard, PayPal Holdings and Uber Technologies agreed to back a consortium that will govern the digital coin, the Wall Street Journal reported, citing people familiar with the matter. The raised capital would be used to fund the creation of the coin, which is internally deemed GlobalCoin, the report added.
As reported, it is estimated that Facebook may announce its project next week, while the coin, which reportedly is a stablecoin, should be launched in Q1 of 2020. It might debut in a dozen countries with primary focus on the emerging markets.
Moreover, Facebook has hired a senior British bank lobbyist as it braces for greater political and regulatory scrutiny in Europe over its GlobalCoin, The Financial Times reported today, citing no one. According to the report, Ed Bowles, Standard Chartered’s European head of corporate and public affairs, will join Facebook in September as its London-based director of public policy.
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