SAN FRANCISCO: Facebook is planning to launch a cryptocurrency-based payment system, The Wall Street Journal has reported.

The system would be similar to bitcoin but Facebook coin’s value would be stable. Bitcoin and similar cryptocurrencies have been susceptible to wild fluctuations in value.

Facebook is recruiting dozens of financial firms and online merchants to launch the network.

Facebook’s plans may include ways to financially reward users who interact with ads or other features.

Facebook says only that it is exploring many different applications for cryptocurrency technology.