Social media giant, Facebook, is reported to be on the hunt for funding its recently announced cryptocurrency project.
Although much of the work in terms of technicalities and parameters are intended to be used within Facebook and WhatsApp ecosystems remain concealed from the general public. The proposed funding needed was rumored to be about $1 billion.
Quest for Blockchain Skills
Recently, Facebook placed some job opening adverts to invite industry professionals in the bid to develop the cryptocurrency. Facecoin will be used by whatsApp and Facebook users around the world to send and receive money.
When it comes to crypto assets, Facebook has been known to be conservative to the extent that it banned crypto-related ads on the platform early last year. Now it is in search of funds to back its proposed stable coin and develop the project.
According to Nathaniel Popper; technology reporter at New York Times,
“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.”
Knowing its antecedence, there is no doubt that the quest to raise the funds will be a success since there are many investors that would line up to back it based on their belief in the company. We witnessed the success of Telegram’s TON funding, Facebook will likewise attract big investors.