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Facebook’s New Cryptocurrency, Libra, Gets Big Backers

Facebook Inc. has signed up more than a dozen companies including Visa Inc., Mastercard Inc., MA +0.19% PayPal Holdings Inc. PYPL +0.68% and Uber Technologies Inc. UBER -0.52% to back a new cryptocurrency it plans to unveil next week and launch next year. The financial and e-commerce companies, venture capitalists and telecommunications firms will invest around $10 million each in a consortium that will govern the digital coin, called Libra, according to people familiar with the matter. The money would be used to fund the creation of the coin, which will be pegged to a basket of government-issued currencies to avoid the wild swings that have dogged other cryptocurrencies, they said.”