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Facebook's cryptocurrency-based payments system gets big backers - WSJ

Attendees walk past a Facebook logo during Facebook Inc's F8 developers conference in San Jose

(Reuters) - Facebook Inc has 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 https://on.wsj.com/2IdYo3a 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.


(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Richard Chang)