Facebook To Raise $1 Billion For Its Own Cryptocoin
Facebook has started to look for venture capital firms to seek investment in its own cryptocurrency plan of action. As per a report by NY Times report – Nathaniel Popper, the project scheme totals near to $1 billion. Facebook is reported to be on the verge of developing its own cryptocurrency stablecoin for WhatsApp, using collateral fiat currencies from around the globe.
Facebook has been keeping quiet since 2018, just when the company started to work on cryptocurrency and developing a blockchain division inside the organization. The organization has hired about 30 people, along with David Marcus, ex. Head, Messenger, and also, ex. President of Paypal (Director of Engg, Blockchain).
Facebook Trying To Raise A Billion Dollar For Crypto Project – Sources
Nathaniel Popper has been active on Twitter recently. On April 8th, he posted several tweets with new updates from some “sources” on Fb Blockchain plan.
Update on Facebook’s cryptocurrency: Sources tell me that Facebook is now looking to get VC firms to invest in the Facebook cryptocurrency project we reported on earlier this year. I hear they are targeting big sums — as much as $1b.
— Nathaniel Popper (@nathanielpopper) April 8, 2019
Looking at the company’s financial statements, Facebook has $10 bn in cash and equivalents. Blockchain has a great property – decentralization. This is what Popper theorizes in the tweet.
On the other hand, another source gave away to Popper that Facebook is raising funds to assure the stablecoin’s development.
However, Facebook’s coin will be backed by a lot of foreign fiat currencies, making it more stable against volatility.