As reported by Nathaniel Popper, a New York Times reporter, Facebook is looking for Venture Capital Firms that are interested in investing in the upcoming Facebook Coin (Stablecoin). As reported, Facebook is targeting a large sum of $1 billion for its upcoming crypto project.
Facebook is in the verge of announcing its stablecoin which shall be used on its chat platform Whatsapp for sending and receiving payments. The stablecoin shall be backed by a number of fiat currencies.
Facebook has been continuously working on its crypto project since last year and has employed more than 30 people to look after its blockchain and cryptocurrency division which is being led by David Marcus, the ex-president Paypal.
In accordance with a number of tweets posted by Nathaniel Popper, Facebook is looking for Venture Capital firms in order to invest in its upcoming crypto project. The target of the company is to raise around $1 billion for the same.
According to the official statements, Facebook already has more than $10 billion in cash or assets equivalent to cash. According to Nathaniel, a source told him that Facebook wants to raise funds for collateralizing the upcoming stabecoin.
The Facebook coin will be backed by a number of fiat currencies and thus unlike other major stablecoins, it will be more resistant to volatility.
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