Facebook, the social media giant has recently been reported to have secured support from several players in the cryptocurrency and blockchain sector for its upcoming digital currency.
This comes after the company revealed that it has received backing from over a dozen firms that include Visa, Mastercard, Paypal and Uber.
A source who was familiar with the initiative told an online news outlet that a consortium will be formed to govern the project and will include investors such as venture capital firms Andreessen Horowitz and Union Square Ventures, Coinbase and many more.
The consortium will include stakeholders from various industries including telecommunications, e-commerce and media.
The company has been reported aiming to attract 100 members in the governing consortium hoping to produce around $1 billion in investment from the 100 participants as it is reportedly charging each member $10 million to manage their own node.
Facebook recently hired Standard Chartered Bank’s head of public affairs Ed Bowles in anticipation of the greater regulatory scrutiny in Europe over its plans to launch its crypto asset and other financial services to its 2.4 billion users.
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