Social networking giant Facebook has collected more than $ 1 billion for stablecoin. According to New York Times reporter Nathaniel Popper, Facebook is said to have raised over $ 1 billion (€ 900 million) from venture capitalists. He constructed the numbers from different 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.
Meanwhile, the former president of Paypal and current head of blockchain development, David Marcus, is rallying around the 30 workers and working with them to implement the cryptocurrency. The question of why Facebook relies on outside investment, where the company has more than $ 10 billion (€ 9 billion) in cash, makes Popper speculate that it wants to preserve a basic feature of cryptocurrency. In this way, the project will be outwardly decentralized and less controlled by Facebook.
The company is supposedly working on a stablecoin for WhatsApp utilizing a basket of international currencies as security, reported CryptoSlate.
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 last time Facebook inflated funding was through a venture round on Mar. 10, 2012, for an unrevealed amount. The latest known amount that Facebook raised was on Jan. 21, 2011 for $1.5 billion. According to cryptoslate, $ 56 billion (€ 50 billion) of revenue was generated in 2018. $ 22 billion (€ 19.5 billion) of which was net income.
Facebook has a market capitalization of half a trillion dollars (€ 450 billion), making it one of the highest rated companies in the world. As Popper tweets right, it’s surprising that investors are being looked for. In general, Facebook is holding back information about the project pretty much. This leaves a lot of space for speculation and guesswork. One last guess is that the fog around the Stablecoin will soon be shining and that the public will know what the guesses and conjectures are. In this sense, keep your ears stiff.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news.
