The Crypto Times
Image default
News Stable Coin Venture Capital

Facebook Looking To Venture Capital To Fund $1 Billion Crypto Currency Project

New York Times reporter, Nathaniel Popper, says Facebook is seeking several venture capital firms for support in developing their digital token. He added that Facebook’s search for $1 billion to fund their blockchain project from the outside investors is in line with the crypto community’s decentralized nature.

Outside Investment

Getting investments from outsiders will help Facebook establish their project as decentralized and not solely under Facebook’s control. The cryptocurrency project will be a stablecoin, which means that it would be pegged to a basket of assets or foreign currencies in bank accounts.

The initial rumors for Facebook coin first surfaced in a Bloomberg report December last year. It says that the token was to be utilized for money transfers or remittances in India within the WhatsApp messenger service. However, in The New York Times report in February this year they cited that the token would also be usable throughout the Instagram and Facebook Messenger App as well.

50 Engineers Working on Facebook Coin

It gives the token exposure to an estimate of 2.7 billion users per month. According to the anonymous sources of NYT, Facebook has already employed over 50 engineers to develop their cryptocurrency project. Moreover, they also reported that Facebook has already begun shopping around Facebook Coin to some exchanges.

Venture capital firms have been greatly affected by the bear market, revealed by Jalak Jobanputra, the founding partner of Future Perfect Ventures. He mentioned that with regards to the trend of discounted venture evaluations, it is expected to see valuations for a few companies in the secondary market to come down as seen from the previous year.

Related posts

UAE Launches Competition to Encourage Development of Blockchain-Powered Social Apps

Viena Abdon

Ripple CEO Brad Garlinghouse dismisses JPM Coin Potential to be Used by Other Banks

Viena Abdon

Donnerlabs Launches New FPS Game That Allows Players to Hunt for Bitcoin

Viena Abdon

$64 Million Raise by Gate.io for the New Exchange Cryptocurrency Launch

Viena Abdon

Ripple’s XRP Up Nearly 4000% in Second Quarter

Hootie

Bitfinex Launches Ethfinex for Ethereum-based Token Trading

Miles