Facebook Seeks $1 Billion for Cryptocurrency Project
It has been rumoured in reports lately that Facebook is considering creating its own digital cryptocurrency project called FaceCoin. This report initially came from Leaprate earlier this year, with the report claiming that Facebook has 2.3 billion active financial clients located globally and that with their large client-base they plan on entering into the crypto tech space. Facebook sees the potential of blockchain and crypto technologies that allows for a single medium for financial transactions. The social network company plans on solving the issue and creating that single medium for its 2.3 billion clients.
It is now being reported that the tech conglomerate is currently seeking $1 billion from investors, allowing for their cryptocurrency project to come to realisation. This information has come from Nathaniel Popper, a New York Times Tech Report. He tweeted this news on April 8th.
This could be a strategic move for Facebook, allowing them to get outside capital will enable them to avoid internal costs for capital. The crypto space is also intriguing for investors, and with the tech giant backing cryptocurrency, Facebook knows that the possible investment on their new digital cryptocurrency will resonate more closely for investors or brokers in the US Financial Sector.
FaceCoin will be used on more than just Facebook. WhatsApp will have access to the new transactions method from Facebook; these reports have come from insiders working at Facebook. As of late, the company has been rapidly recruiting blockchain experts and developers. The FaceCoin project has been confirmed from reputable financial news sources. We suspect Facebook to make a formal announcement in the coming weeks.