Is Facebook seeking $1 billion for its “stablecoin” cryptocurrency project?

Analyst predicts Facebook’s FaceCoin could earn up to $19 billion by 2021

Facebook was recently reported to have been thinking about its own digital coin, or the so called FaceCoin. As Leaprate reported earlier in 2019, “Facebook has 2.3 billion active clients located across the globe, eager to try the latest that technology has to offer, and cryptos and blockchain bring a lot to the table that is new and innovative. A single medium of exchange does not exist today. One fiat must be converted to another fiat in order for the transfer to take place. FaceCoin would solve that issue and cut timeframes to a matter of seconds.”

Now, the tech giant is reportedly seeking $1 billion for the realization of the cryptocurrency project. The information comes from New York Times (NYT) tech reporter Nathaniel Popper, who tweeted the information on April 8th, 2019.

The seeking of outside capital may be a strategic move by Facebook, since the seeking of external sources of capital may resonate more closely with the whole idea of decentralization and transparency that are the “super powers” of cryptocurrencies.

The project that Facebook is supposedly gathering money for is actually a stablecoin, one that is pegged to several foreign currencies held in bank accounts. The stablecoin is to be used on Whatsapp, the messaging service owned by Facebook.

In addition to this new rumour that has not been confirmed by Facebook, the company has been on a hiring spree for blockchain developers and experts, as well as “promoting” the idea of “Facebook Coin” to certain cryptocurrency exchanges, as reported by media.



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Is Facebook seeking $1 billion for its "stablecoin" cryptocurrency project?


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