Social media giant Facebook is reportedly seeking investments worth $1 billion in order to establish its rumored cryptocurrency stablecoin, as asserted by a Wall Street Journal (WSJ) report on May 3.
The publication cited people familiar with the plans and revealed that Facebook is currently in talks with major payment networks Visa and MasterCard for potential support, along with payment processor First Data Corp.
Dubbed as “FB Coin,” the rumored Facebook’s cryptocurrency project has been making the rounds for almost a year now. Reportedly, the platform is planning to provide in-house payments to users. As per the information trickled down from the secretive process, various options are under consideration by executives, including payments via a user’s Facebook profile. The WSJ added:
“Facebook is also talking to e-commerce companies and apps about accepting the coin, and would seek smaller financial investments from those partners, one of the people said.”
As per WSJ sources, the huge fiat backing is further deliberately designed to remove perceived doubts about FB Coin versus bitcoin and other cryptocurrencies. Reportedly, Volatility should be avoided in order to boost uptake. A similar report by NYT Reporter suggests that Facebook Seeks $1 Billion In Venture Capital for its secretive crypto project.
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