Facebook is reportedly gaining support for a cryptocurrency-based payments service.

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It's said that the social network has held discussions with MasterCard, Visa and other financial and e-commerce companies about the codenamed Project Libra.

According to the Wall Street Journal, the company is looking for total investments of around $1 billion in an effort to underpin the cryptocurrency's value and give it protection from the price surges and dips which have impacted the likes of Bitcoin.

Meanwhile, Facebook is also said to be working on convincing e-commerce companies and apps to use the currency.

Although the company hasn't directly commented on the report, it did say it is "exploring ways to leverage the power of blockchain technology".

A spokesperson added: "This new small team is exploring many different applications."