Facebook's cryptocurrency-based payments system gets big backers -WSJ
June 13 (Reuters) - Facebook Inc FB.O has enlisted more than a dozen companies including Visa Inc V.N, Mastercard Inc MA.N, PayPal Holdings Inc PYPL.O and Uber Technologies Inc UBER.N 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.
(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Richard Chang)
((Sabahatjahan.Contractor@thomsonreuters.com; within U.S. +1 646 223 8780;))
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