Facebook Seeking to Raise $1 Billion to Develop Cryptocurrency

It is reported that Facebook is preparing to raise funds to develop its cryptocurrency. Nathaniel Popper, a journalist for The New York Times, recently pointed out on his personal Twitter that Facebook is looking for venture capital fund support, claiming that the amount of funds they are targeting is up to $1 billion.

According to the news, the funds will be used as collateral for the cryptocurrency, but it has not been confirmed by Facebook. Popper continued to call the blockchain project a major incentive for decentralization. Facebook earlier has been recruiting business consultants in the blockchain business, responsible for drafting contracts, negotiating partnerships to launch new products and related promotions.

Earlier this year, The New York Times, Bloomberg, and other sources quoted that Facebook is developing cryptocurrency, where users can transfer funds through WhatsApp. At the same time, this cryptocurrency will be linked to a basket of legal currency to guarantee its value. Ross Sandler, an analyst at Barclays Internet, an investment bank, said that if the plan is successful, it will bring up to about $19 billion in revenue to Facebook.