Facebook Is in Need of 1 Billion Dollars to Fund the Development of Its Cryptocurrency

The topic of Facebook Coin has been all over the place recently. It started out as a rumor, which seemed very unlikely to happen, but now there is just too much evidence to deny the fact that the major social media platform is going to launch its own digital asset. However, Facebook has not provided any official announcements yet.

Let’s have a quick rundown of what we know about this project so far.

1. Facebook launched a blockchain department and keeps replenishing with new specialists.

2. The whole project is kept secret, although a lot of details have already leaked.

3. The new digital asset is going to be used for the social media platforms, owned by Facebook, namely SnapChat.

4. Facebook Coin will be a stablecoin, pegged to three different fiat currencies.

5. According to the estimates of Barclays, this launch can possibly result in the 19-billion-dollar increase in the revenue of Facebook by 2021.

A possible fundraiser?

Now we have a few more details about the sensational Facebook Coin. The information comes from a New York Times reporter Nathaniel Popper, who claims to have a source, very knowledgeable in the affairs of Facebook.

Firstly, he published a post, which said that the company was seeking institutional investors to raise funds in the amount of 1 billion dollars for their project.

Afterwards, Popper posted another tweet, which started out a discussion about why such a successful and, undoubtedly, rich company as Facebook would need financial help from venture capital firms.

So far, the most popular and logical version is the constant accusations from the community that Facebook is controlling its digital asset way too much, which makes its whole “decentralized” nature irrelevant. Funds, coming from outside, might lessen the level of this control.

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