Facebook Looking for $1 Billion From Visa and MasterCard to Build Its Own Cryptocurrency

Facebook’s plan to create its own cryptocurrency is taking a step forward as The Wall Street Journal reports the social-media giant is sourcing $1 billion of investment from financial firms and online merchants. The initiative, reportedly code-named Project Libra, is a digital coin that users could spend on Facebook and across the internet. The company has reportedly talked to financial institutions, including Visa and MasterCard, and wants $1 billion to underpin the value of the coin to protect it from the price swings that have destabilized bitcoin and other cryptocurrencies. One idea for the Facebook coin is that users could click ads to buy a product, which the retailer could then recycle to pay for more ads. A similar system was rolled out this year on Instagram—also owned by Facebook—using dollars and traditional card payments rather than the company's own currency.