Facebook has listed a dozen companies which includes Mastercard Inc, Visa Inc, Paypal Holdings, and Uber Technologies Inc to back its cryptocurrencies.

According to people familiar with the matter, each of the companies involved in the consortium will be donating $10 million. This money will be used for the creation of the coin.  The coin thus created will be pegged to a basket of government-issued fiat currencies.  However, when required for comment, the companies did not immediately respond.

There are chances for the employees involved in this project to be paid in the cyber currency.  The blockchain for this project is expected to be “far centralized” when compared to Bitcoins.   The hiring for the cryptocurrency based payment system for Facebook has already started.  The platform already has 2.38 billion users.

David Marcus, the Messenger Chief at Facebook, is already exploring the blockchain technology and its potential for the use of the platform.

US Commodity and Futures Trading Commission (CFTC) was pulled in to a loop concerning the discussion about the crypto Stable coin initiative of Facebook.

With big backers, the Facebook coin is expected to exert a major influence in the cryptocurrency market.  The technology is feared to dominate the business of several other already existing cryptocurrency processes.

Major Altcoins except for Litecoin is currently showing substantial gains. The BTC/USD showed a sharp upside move on Wednesday.  Ethereum recovered to $260 range after the decline to $230 on Monday. Ripple’s XRP is not able to gain traction, and it is currently in a bullish momentum at $0.40.

Ethereum app builders who are using the Google software will be able to integrate the data from the outside sources of blockchain via a partnership with Chainlink, which provides for the ramp on and ramp off, for the different kinds of information which are required to run self-executing codes known as smart contracts.

This can be particularly useful when it comes to sorting speculative bets in prediction based market places.  To make datasets for bitcoin cash, litecoin, zcash, ethereum classic, Dogecoin, and dash, they are following them up by making use of more tools which can help improve on using them for the BigQuery.

The maturity of the cryptocurrency market has been of increased concern to the SEC.  During a Fintech conference, the SEC commissioner stated that the concern is not about “the nature of the cryptocurrency themselves,”  but it is about the questions which are related to “market maturity.”