Facebook Gains on Crypto Pact, Hire Reports Ahead of Rollout
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Facebook Inc. shares climbed on Friday following reports detailing the company’s plans to launch a digital currency, due to be unveiled next week.
Details emerged late this week concerning plans to roll out a cryptocurrency strategy on June 18. The Wall Street Journal reported it had signed up a number of major companies -- including Visa, Mastercard, PayPal and Uber -- to back the project. Separately, a Facebook spokeswoman confirmed reports that U.K. bank lobbyist Ed Bowles is joining the company, but declined to comment further. Bowles's new title at Facebook will be public policy director for Northern Europe, according to a person familiar with the situation.