Facebook has plans on launching a new cryptocurrency called Libra in 2020.
The move, backed by Mastercard, Visa and Paypal, will allow people to transfer money around the world at very little cost.
The company claims it will not have a special role in governing Libra and will manage it equally with a large group of companies. The likes of Spotify and Uber are among 28 firms enlisted so far, with each company investing a minimum of just over $10 million to become a founding partner of the Libra Association.
The latter is said to be an independent, not-for-profit membership organization which wants to have at least 100 firms partnered in time for Libra's launch next year.
Facebook is hoping that its cryptocurrency will be less unstable than other digital currencies as Bitcoin, the largest and most popular form, has seen major fluctuations in price.
"A simple global currency and financial infrastructure that empowers billions of people," the Libra mission statement reads.
"Moving money around the world should be as easy and cheap as sending a text message, the Libra site goes on to explain. "No matter where you live, what you do, or how much you earn. Libra will be accessible to anyone with an entry-level smartphone and data connectivity. Libra is backed by a reserve made to keep its value stable.
"Libra will foster an ecosystem of products and services made to help people use Libra in their everyday lives."
Facebook will operate its own digital wallet, called the Calibra Wallet, which will facilitate the spending of Libra. The wallet will be available as part of WhatsApp and Facebook Messenger, as well as function as a standalone application. According to the social network, users will be able to send money to each other initially at low to no cost.
Libra will also be an open source, which means people will have the option of launching their own digital wallets with the currency included. However, account information will not be shared with Facebook for ad targeting.