Facebook Seeks $1B In Funding Crypto Project
Facebook is looking to make a huge move in the crypto space. Apparently, the social media giant is seeking to raise at least a billion dollars in an attempt to fund its highly anticipated digital currency project.
‘Big Sums’ For Its Stablecoin Project
According to the official report, a reporter by the name of Nathaniel Popper (The New York Times) revealed on Twitter that his sources mentioned Facebook’s goal to seek funding outside. He added that the tech firm is hoping to obtain “big sums,” which is said to be as much as $1 billion.
The funding, in particular, is reportedly going to be obtained via venture capitalists. And by doing so, the social media company hopes they could support its bid to make its stablecoin effort a reality. Basically, the funds would be used in hopes of making it as collateral to support the token project.
It is worth noting that this news is not entirely new in the crypto space. Facebook has been vocal about its plans to enter the crypto and blockchain space. In fact, Mark Zuckerberg himself has talked about how blockchain can help the social media deliver its goal – to connect people across the world.
Nothing’s Confirmed Yet
However, as far as the attempt to raise a billion dollars, nothing is set on stone yet. In fact, Facebook has neither confirmed nor denied the reports. It is interesting, though, to see such a move from the tech company. And if anything, there are those who believe it is truly plausible.
Facebook has been hell-bent on developing its very own stablecoin specifically designed for money transfers over WhatsApp. This is a project the tech company confirmed back in December last year. The stablecoin, in particular, is deemed to be “a basket of foreign currencies held in bank accounts.”
The company has also been trying to find a way to list its upcoming stablecoin on crypto exchanges. Even more so, it has started informing platforms back in February that it would expect to obtain the product out in the first half of this year.
Of course, Facebook is definitely far from having troubles in terms of cash. It has an unfathomable pool of resources. However, there is an underlying reason why it is trying to involve investors outside. Basically, it is doing so in order to make its stablecoin project appear as something that is less controlled and more decentralized.