Backers include PayPal, Visa Inc, Uber Technologies Inc and Mastercard Inc.

In a significant development, Facebook Inc’s cryptocurrency has received backing from more than a dozen companies including PayPal Holdings Inc, Visa Inc, Uber Technologies Inc and Mastercard Inc.

According to a report from the Wall Street Journal, each company will invest nearly $10 million in a consortium that will govern the cryptocurrency.

“The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies” said the WSJ report.

Neither Paypal, Visa, Facebook, Mastercard or Uber respond to requests for comment.