Facebook Inc. formally announced plans to launch a cryptocurrency called Libra, promising a secure blockchain-based payment system backed by hard assets and designed for mainstream users.
Facebook named early Tuesday a series of big, corporate partners—including financial-services heavyweights Mastercard Inc. and PayPal Holdings Inc. and tech giants Uber Technologies Inc. and Spotify Technology S.A.—that it said will help it create a “secure, scalable and reliable” crytocurrency.
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