Uber, PayPal and Spotify Are All Backing Facebook’s Cryptocurrency

With just days left before Facebook’s big reveal event for its new cryptocurrency initiative — where the social media giant is expected to officially launch the governing association and release the whitepaper for its new stablecoin — we now know the initiative’s initial backers.

According to recent reports by the Wall Street Journal and The Block, Facebook has successfully onboarded major businesses and investors across multiple industries to back the new initiative and join the association.

Some of the notable names include Uber, Lyft, PayPal, Spotify, Andreessen Horowitz, Coinbase, Stripe, eBay and Visa. Each entity will reportedly act as a node-validator on Facebook’s new blockchain, and insiders indicate that it costs around $10 million to purchase a node.

Here’s the list of initial backers, excluding Facebook’s newly created subsidiary Calibra, according to The Block:

Facebook reportedly plans to bring on 100 total backers to the new association, bringing in $1 billion for the company to further drive its development efforts.

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