The secretive project, in the works for more than a year, revolves around a digital coin that its users could send to each other and use to make purchases both on Facebook and across the internet.
The Wall Street Journal is reporting that the Silicon Valley technology giant has enlisted a number of high-profile firms - including Uber, MasterCard, Stripe, Visa, and Booking.com - to support its new cryptocurrency.
Each of the new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency.
Facebook is set to release a white paper introducing the coin next week, cosigned by consortium members, according to people familiar with the project.
The social media giant reportedly wants to give the "1.7 billion adults globally" who now don't have "access to a traditional bank" and are "outside of the financial system" an opportunity.
Its embargoed block post adds that while some cryptocurrencies have tried to disrupt the existing system and bypass regulations, Facebook believes collaborating with the financial sector and regulators is the "only way to ensure a sustainable, secure, and trusted framework" for its cryptocurrency. Mark Zuckerberg-led multinational company is expected to unveil Bitcoin rival Libra next week, while the official launch of the cryptocurrency is scheduled for 2020. The crypto is expected to be a stablecoin that will operate within the company's messaging infrastructure - WhatsApp, Instagram and Facebook Messenger. The social-media giant has also hired a United Kingdom bank lobbyist as its director of public policy in London, the Financial Times said.
The Wall Street Journal reported last month that Facebook was seeking to raise $1 billion from 100 node holders for the crypto payments network.
Facebook has attempted to launch two digital tokens in the past without success.