The rumors started in December, a few more details have leaked out every so often over the past few months and now it seems specifics are floating around. The New York Times tech reporter (Nathaniel Popper) says that Facebook is seeking $1 billion to develop its own stablecoin. Yes, that's $1 billion with a capital "B." But rather than organically funding the project itself, Facebook is seeking outside investments.
“Given that one of the big allures of blockchain projects is the decentralization, getting outside investors could help Facebook present the project as more decentralized and less controlled by Facebook.”
The Facebook 'coin' is anticipated to be pegged to a basket of foreign currencies and will be usable on Facebook's Messenger App, WhatsApp and Instagram that (all total) reach over 2.7 billion users. Word is that Facebook is already secretly shopping the "Facebook Coin" to some crypto exchanges. More below.
Bill Taylor/ Fintek Capital
"Facebook is reportedly seeking support from various venture capital (VC) firms to develop its supposed digital token, New York Times (NYT) tech reporter Nathaniel Popper tweeted on April 8.
Citing sources familiar with the matter, Popper states that Facebook is seeking a $1 billion sum to develop its cryptocurrency project. He states that seeking outside investment could keep the project more in line with the crypto community’s decentralized ethos:
“Given that one of the big allures of blockchain projects is the decentralization, getting outside investors could help Facebook present the project as more decentralized and less controlled by Facebook.”
Popper added that the reported project is a stablecoin that would be pegged to a basket of foreign currencies held in bank accounts.
Rumors of a “Facebook Coin” surfaced last December in a report from Bloomberg. The publication then reported that the token would be used for money transfers made within the WhatsApp messenger service, and would focus on the remittances market in India.
In February 2019, NYT reported that the token would be usable across the Facebook Messenger App, WhatsApp and Instagram, which would give it exposure to some 2.7 billion users each month..."
Full Story at Cointelegraph