Facebook has been developing the digital coin, which users would be able to send to each other, for more than a year. Beyond sending the cryptocurrency to one and other, Facebook users could use the digital coin to make purchases on the social networking website and across the internet, sources close to the project told WSJ.
There are rumors Facebook may also reward users who click on certain ads with fractions of the digital coin.
Facebook is looking for a $1 billion investment. The social network giant has talked to Visa and Mastercard as well as payment processor First Data.
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