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Uber, payments firms reportedly sign on to back Facebook's blockchain project

Key Points
  • Uber, PayPal, Visa and Mastercard have reportedly signed up to support Facebook's upcoming blockchain project.
  • The companies will invest approximately $10 million into a consortium that will govern Facebook's cryptocurrency.
Facebook's founder and CEO Mark Zuckerberg speaks to participants during the Viva Technologie show at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France.
Chesnot | Getty Images

Uber, PayPal, Visa and Mastercard have committed to support Facebook's upcoming blockchain project, according to a Wall Street Journal report on Thursday.

Facebook has already signed up more than a dozen companies to support its blockchain effort, according to the Thursday report. The companies will invest approximately $10 million into a consortium that will govern Facebook's cryptocurrency effort.

That project will reportedly be unveiled as soon as next week. Multiple reports in recent months have said Facebook is putting together a cryptocurrency tied to the value of government-issued currencies.

The companies did not immediately respond to requests for comment.

Read the full report at the Wall Street Journal.

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