Facebook Gains, Beating Peers, After Crypto, Advertising Reports
This article is for subscribers only.
Facebook Inc. gained as much as 2.5%, making it one of the few tech names moving higher in early Friday trading, after reports that it’s making progress toward its cryptocurrency ambitions.
A group of payments and other companies, including Visa, Mastercard, PayPal and Uber, agreed to invest about $10 million each in a consortium to oversee the digital coin Facebook plans to unveil next week, the Wall Street Journal reported late Thursday. The social-media giant has also hired a U.K. bank lobbyist as its director of public policy in London, the Financial Times said.