Facebook has reportedly enlisted more than a dozen companies including Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported on Thursday.
Stripe Inc., Booking.com and MercadoLibre Inc., and more companies are also supporting Facebook's project.
Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter.
The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies, the report said.
Facebook’s plans is to create a cryptocurrency platform for payments on both Facebook and other platforms. It includes ATM-like physical terminals, sign-up bonuses for people going for cryptocurrency as an option for payment, and a concept like Brave, wherein, users will get paid in crypto for watching adverts.
The cryptocurrency will also work on WhatsApp and Messenger.
Facebook is expected to officially introduce its cryptocurrency on June 18.