In May 2019, Facebook founded Libra Networks, reportedly to develop their own stablecoin cryptocurrency.[47] In recent developments it has been reported that Libra is being supported by financial companies like Visa, Mastercard, PayPal and Uber. The consortium of companies is expected to pool in $10 million each to fund the launch of the cryptocurrency coin named Libra.[48] Depending on when it receives approval from the Swiss Financial Market Supervisory authority to operate as a payments service, the Libra Association plans to launch a limited format cryptocurrency in 2021.[49]