Facebook Seeking $1 Billion in Funding for Crypto Project

Facebook seeks $1 billion in venture capital funding for crypto project

Facebook is said to be seeking to raise about a billion dollars in external funding for its cryptocurrency project.

According to Nathaniel Popper, a technology reporter for the New York Times who cited sources familiar with Facebook, he states that Facebook is targeting big funding up to about $1 billion from venture capital (VC) firms to support its stablecoin project; with the social media company setting out the funds as collateral to back the token.

In his statement, Popper explains that while Facebook is far from needing cash, the involvement of external investors could help present the cryptocurrrency project as a “more decentralized and less controlled” coin project, one in line with the ethos of the cryptocurrency community.

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.

Although these reports are yet to be confirmed by the Facebook team or any potential investors, the reportis given credibility with information around the space concerning Facebook’s development of its own crypto for money transfers on its sister app – WhatsApp. Along with claims that the social media company had reached out to exchanges over a possible launch of its coin on their platforms this year.

Popper goes on to state that the stablecoin may be pegged to a “basket of foreign currencies held in bank accounts.”

The Facebook cryptocurrency project is estimated to yield a revenue from $3 billion to $19 billion by 2021.

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