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.
Author
Tanya Abrosimova
Independent Analyst
