More than two dozen major corporations are backing Facebook’s new cryptocurrency, including Spotify, eBay and Andreessen Horowitz, crypto news site The Block reports. Those companies will have a share in governing the token as members of an outside foundation the company established in Switzerland.
The companies that will participate in the Libra Foundation, as the outside entity is known, are involved in a range of businesses including payments, ride-hailing and venture capital. That would reinforce speculation that Facebook’s cryptocurrency ambitions go beyond a means of payment within its suite of apps, and toward a currency that can be accepted by a variety of merchants. The Block also reports that Facebook is establishing a subsidiary called Calibra to handle its cryptocurrency efforts.