Facebook’s new cryptocurrency, GlobalCoin, is backed by majors companies like Visa, Mastercard, PayPal and Uber. The backers are individually investing roughly $10 million in the project.

As reported by the Wall Street Journal on Thursday, Facebook has signed investment deals with more than a dozen companies, including Visa, MasterCard and Uber.According to the publication, Facebook has already been silently been working on the cryptocurrency for more than 6 months.

Globalcoin, which will be a stablecoin, will be unveiled next week and most likely launch next year.The Wall Street Journal furthermore stated that Stripe, booking.com, and MercadoLibre are going to be part of Facebook’s project. Specific details, however, have not been given in the report.

Last December, at the peak of the cryptocurrency bear market, Facebook suddenly announced that it was stepping into the crypto space by launching a stable coin. The company stated that it has already been looking at cryptocurrency as far back as the end of 2017.

Facebook has been tight-lipped about what exactly GlobalCoin will be used for. That said, is expected to be a stablecoin that will operate within the company’s messaging infrastructure – WhatsApp, Instagram and Facebook Messenger.

More details will most likely come out next week, as GlobalCoin is expected to be unveiled on June 18.

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