Facebook said to be seeking $1B in funding for stablecoin project

posted 6 months ago
Social media giant Facebook is said to be seeking a billion dollars from venture capitalists, aiming to make itself “more decentralized and less controlled,” for its stablecoin cryptocurrency project. The company would use the funds as collateral to back the token. It’s worth noting, this has not been confirmed by Facebook.

Facebook has been developing its own stablecoin for money transfers over WhatsApp. The stablecoin may be pegged to a “basket of foreign currencies held in bank accounts.” Facebook is planning to list its stablecoin on cryptocurrency exchanges by mid-2019. Notably, Facebook officially had $44 billion in cash and equivalents as of April 2018. Earlier this year, Barclays analyst Ross Sandler estimated that Facebook’s cryptocurrency project could yield anywhere from $3 billion to $19 billion in additional revenue by 2021.
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