June 13, 2019 / 11:49 PM / 5 days ago

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

June 13 (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 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)

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