Tim Draper will meet with Facebook about possible investment in FB Coin

eBitcoinics News   16 Apr, 2019   news.eBitcoinics.com   Views: 349

Tim Draper, the billionaire investor, plans to meet with top-level Facebook to discuss a possible investment in the alleged cryptocurrency of the social networking giant,according to Bloomberg.

According to the report, Draper, a well-known cryptocurrency enthusiast, revealed that he "is interested in hearing the story behind the project", stating that he is ready to determine if it fits his aspirations.

This arises in the context of recent reports that indicate that Facebook is looking for a one billion dollar investment among several risky investment firms to develop their cryptocurrency project.

On April 8, Nathaniel Popper of the New York Times revealed that the project centers around a stable coin anchored to a series of several fiduciary coins stored in different bank accounts, citing people close to the matter.

Although Facebook has not yet officially confirmed the rumors, Bloomberg had already reported these alleged developments since December 2018.

Subsequently, the New York Times published an article at the end of February suggesting that Facebook is currently working on a "highly secret" cryptocurrency project, and plans to introduce a stablecoin for its three most important apps, namely, WhatsApp, Facebook Messenger, and Instagram to reach its 2.7 billion users.

In this sense, the current Bloomberg report ensures that Facebook "is still very far from launching the currency" because they have not been able to find a solution to how to secure the funds that support the stablecoin.

On the other hand, it is important to note that up to five job openings were opened in the blockchain department of Facebook in Menlo Park, California, after revealing the news that they were looking for a new lawyer with experience in the fields of payments and blockchain technology.



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