Facebook Inc (NASDAQ:FB) has enlisted more than a dozen companies including Visa Inc (NYSE:V), Mastercard Inc (NYSE:MA), PayPal Holdings Inc (NASDAQ:PYPL) and Uber Technologies (NYSE:UBER) Inc to back its new cryptocurrency, the Wall Street Journal reported on Thursday.

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, Mastercard, Paypal, Visa and Uber did not immediately respond to requests for comment.


Source:investing