Facebook may raise $1 billion for its stablecoin
|- Facebook is reportedly looking for VC companies.
- The media giant may peg its sbablecoin to a basket of currencies.
According to the latest reports, the social media giant plans to attract $1 billion of investments for its stablecoin project. The company is looking for venture capitalists and investment companies, NY reporter Nathaniel Popper says citing his sources.
“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,” he wrote recently in Twitter.
Earlier it was reported that Facebook had been allegedly working on a stablecoin for its messenger WhatsApp. The coin is supposed to be backed by a basket of fiat currencies.
Considering that the company has no problems with cash - the latest financial report revealed that Facebook had the company has $10 billion in cash and cash equivalents alone - the raised amount might be needed to to collateralize a stablecoin.
Also, Facebook listed 20 career opportunities for blockchian experts, which is three times as big as in December. This development confirms the company’s interest in the industry.
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