Facebook Purportedly is Making More Moves in Developing Its Social Network Stablecoin with $1 Billion in Funding in Play
Social media giant Facebook appears to be making moves to develop its purported digital token, according to New York Times reporter Nathanial Popper.
On Twitter, Popper said Facebook is searching for $1 billion dollars for the crypto project. He mused how the search for outside investors “could help Facebook present the project as more decentralized and less controlled by Facebook.”
The cryptocurrency is reportedly a stablecoin that would have a peg to a basket of foreign currencies that would be held in bank accounts, according to Cointelegraph.
The comments by Popper come about two months after the New York Times wrote about how Facebook hopes to “succeed where Bitcoin failed” with a crypto project.
Relying on information relayed by five anonymous sources, the news outlet said Facebook was focused on crafting a coin that could be used on WhatsApp to send money to users instantaneously. The token will also reportedly be usable inside of Instagram and Facebook Messenger.
Four sources purportedly in the know about ongoing negotiations said there was already chatter with different cryptocurrency exchanges to list and sell the coin.
Rumors of a so-called ‘Facebook Coin’ first emerged in December 2018 after a Bloomberg report. The outlet said the coin would focus on India’s remittance market.
News about Facebook’s endeavors in the cryptocurrency world has left some skeptical amid concerns the company could collect a lot of sensitive information.
Mastering Bitcoin author Andreas Antonopoulos said in late March how “Facebook will not produce a coin that is censorship resistant, open, decentralized, neutral, or borderless. It will not be similar to any cryptocurrency.”
He noted how privacy would be impossible with ‘Facebook Coin’ since every transaction would be registered. He believes this aspect would make it useless for many people across the world who are living under governmental regimes that are corrupt and oppressive.
Antonopoulos also said the company would be monitoring transactions and then selling data to different companies and intelligence agencies.
In recent memory, Facebook has also been hard at work on the blockchain front. The company recently added five new jobs for its secretive blockchain division that is based ar company headquarters.
Now, Facebook is looking for a production manager, data scientist, business operations manager, growth product manager and a software engineer. The new hires will join Facebook’s already 22-strong distributed ledger division.