{"id":101193,"date":"2019-04-08T20:03:27","date_gmt":"2019-04-09T03:03:27","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=101193"},"modified":"2019-11-07T02:39:08","modified_gmt":"2019-11-07T02:39:08","slug":"facebook-allegedly-raising-as-much-as-1-billion-for-its-cryptocurrency-stablecoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/facebook-allegedly-raising-as-much-as-1-billion-for-its-cryptocurrency-stablecoin\/","title":{"rendered":"Facebook allegedly raising as much as $1 billion for its cryptocurrency stablecoin"},"content":{"rendered":"

Facebook<\/a> is looking for VC firms to invest in its cryptocurrency project for sums as large as $1 billion, according to NY Times reporter Nathaniel Popper. The company is allegedly designing its crypto as a stablecoin for WhatsApp using a basket of foreign currencies as collateral.<\/p>\n

Since 2018<\/a>\u00a0Facebook has been covertly working on a cryptocurrency project and building a blockchain division<\/a> within the company. The company has been tight-lipped about the purpose and progress of the coin, but Facebook has so far hired at least 30 people to the division with David Marcus<\/a>\u2014former head of Messenger, and the previous president of PayPal\u2014leading the division as \u201cDirector of Engineering, Blockchain.\u201d<\/p>\n

Sources Say Facebook Raising $1 Billion<\/h2>\n

On Apr. 8, Nathaniel Popper posted a series of tweets with new information gathered from \u201csources\u201d on Facebook\u2019s blockchain project.<\/p>\n

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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.<\/p>\n

— Nathaniel Popper (@nathanielpopper) April 8, 2019<\/a><\/p><\/blockquote>\n