Facebook will launch its new cryptocurrency next week with the support of more than a dozen big-name backers such as Visa and Mastercard.
According to a new report from the Wall Street Journal, the company’s crypto will be a stable coin, meaning it will be pegged to an underlying asset of some kind.
The coin will also operate within Facebook’s messaging infrastructure, which covers WhatsApp, Instagram, and Facebook Messenger.
Besides Visa and Mastercard, PayPal, Uber Technologies, Stripe, Booking.com, and MercadoLibre are also part of the project.
Each firm is expected to invest around $10 million into a consortium that will govern the effort.
Facebook is expected to unveil GlobalCoin on June 18.