Facebook To Raise $1 Billion for Its Crypto Project
Main page News, Facebook, Stablecoins

According to a post published yesterday by a New York Times reporter on Twitter, Facebook may be seeking funding from several venture capital firms in order to develop its own stablecoin.

The reporter, based on information supposedly provided by several people familiar with the situation, claims that the social network owned by Mark Zuckerberg plans to attract about $1 billion to develop its token, the Facebook Coin.

Facebook has decided to seek external funding instead of using its own resources due to the fact that the use of external funds helps to maintain the decentralization of blockchain projects.

We reported in the past that the social network's crypto project aims to develop a token pegged to a basket of foreign currencies. In addition, this project could provide the company with additional revenues which could range from $3 billion to $19 billion.

Why it is important

  • The company announced in February that the Facebook Coin would be used in all its messaging apps (Facebook Messenger, WhatsApp and Instagram), which means that it would be accessible by about 2.7 billion users every month.

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