His goal is for Wikitribune to offer "factual and neutral" articles that help combat the problem of "fake news".
The service is intended to be both ad-free and free-to-read, so will rely on supporters making regular donations.
One expert said it had the potential to become a trusted site, but suggested its influence might be limited.
Wikitribune shares many of the features already found in Mr Wales's online encyclopaedia, including the need for writers to detail the source of each fact and a reliance on the public to edit articles to keep them accurate.
However, while anybody can make changes to a page, they will only go live if a staff member or trusted community volunteer approves them.
The other big difference is that the core team of writers will be paid, although there may also be instances in which a volunteer writes the initial draft and then a staff member edits it.