Facebook Inc. has entered discussions with numerous financial companies and online merchants in hopes of launching a blockchain-based payments system, according to a report by the Wall Street Journal. Facebook, seeking about $1 billion in investments in the space, has approached a number of high profile players in the digital payment space, including Visa Inc., Mastercard Inc. and First Data Corp., a financial data and POS platform being acquired by Fiserv.

The social media company, led by Mark Zuckerberg, has been working on a payments effort in the blockchain arena for some time, while it has faced intensive regulatory scrutiny for alleged violations of privacy involving personal data of members being shared without their consent.

Facebook officials declined to comment on specifics of the report, however, reiterated the company's long-time interest in virtual currencies.

"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology," a Facebook spokesperson told Mobile Payments Today, via email. "This new small team is exploring many different applications. We don't have anything further to share."

Seth Eisen, senior vice president, communication,  Mastercard said "We don't comment on rumor or speculation."

Officials at First Data and Visa were not immediately available for comment. 

Facebook earlier this year acquired a small team from the blockchain startup Chainspace, a firm that specializes in smart contracts.

Facebook has also recently opened up a position for a blockchain lawyer to assist in finding potential business partners.