According to a report on Wall Street Journal, Facebook’s new cryptocurrency Libra is all set to launch next week. Visa, Mastercard, PayPal and Uber are some of the leading companies that are set to back Libra.

Companies in financial services, e-commerce and telecom as well as venture capital firms will invest around $10 million each and form a consortium to govern Facebook’s digital currency. The capital will create the cryptocurrency, Libra, which will be pegged to leading fiat currencies worldwide.

The digital coin can then be used by Facebook users to send and receive payments, and make purchases around the world. Members of the consortium can serve as nodes to verify transactions and come together towards creating a brand-new global payments network.

The social networking giant is set to release its whitepaper announcing the digital coin sometime next week.