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Facebook's (FB) - Get Meta Platforms Inc. Class A Report newly announced effort to launch a cryptocurrency has received backing from dozens of companies including Visa (V) - Get Visa Inc. Class A Report , Mastercard (MA) - Get Mastercard Incorporated Class A Report , PayPal (PYPL) - Get PayPal Holdings, Inc. Report and Uber (UBER) - Get Uber Technologies, Inc. Report , who will each invest as much as $10 million a piece in a consortium that will govern the digital currency.

The Wall Street Journal reported on Friday that the new digital coin, in the works more than two years and named Libra, will be unveiled next week and launched early next year.

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The money from the financial and e-commerce companies, venture capitalists and telecommunications firms would be used to fund the creation of the coin, which will be pegged to a basket of government-issued currencies to avoid the wild swings that have dogged other cryptocurrencies, people familiar with the matter told the Journal.

The Journal reported last month that Facebook was recruiting backers to help start the crypto-based payments system and was seeking to raise as much as around $1 billion for the effort.

Shares in Facebook were down 0.38% at $176.80 in premarket trading on Friday.

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