Each company will invest around $10 million (£8 million) in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter.

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

Facebook, Mastercard, Paypal, Visa and Uber did not immediately respond to requests for comment.

(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Richard Chang)