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Facebook's Libra cryptocurrency reportedly boasts big-name backers

It's got support from Visa, Mastercard, Uber and PayPal and could be announced as soon as next week, according to The Wall Street Journal.

Cryptocurrency And Facebook Logo
A Facebook cryptocurrency called Libra may be unveiled soon. 
Nasir Kachroo/NurPhoto via Getty Images

Reports of Facebook's upcoming cryptocurrency have been circulating for weeks, and an announcement from the social network is expected within days. The coin, supposedly called Libra, has a list of financial backers including Visa, Mastercard, PayPal and Uber, according to a report in The Wall Street Journal on Friday.

Each company will reportedly invest around $10 million into a consortium, which will govern the cryptocurrency. It'll give the companies the power to operate a node of the cryptocurrency network. Facebook has reportedly been seeking backers to contribute up to $1 billion in total, and the final lineup of supporters is not yet set in stone, said the Journal.

As early as 2020, the social network could then be launching its own Facebook cryptocurrency, which would potentially provide users with an online payments system without fees or international transactions. Facebook will reportedly peg it against government-issued cryptocurrencies in the hope of avoiding the wild fluctuations in value of other coins.

We may find out more about Facebook's plans for a cryptocurrency from a white paper, rumored to launch Tuesday.

Facebook didn't respond to a request for comment.