As per a Tweet from the tech reporter Nathaniel Popper on April 8, Facebook is reportedly seeking aid from various venture capital (VC) firms in order to develop it’s much- coveted and secretive supposed digital token.

Here’s the Tweet from the New York Times (NYT) reporter:

As seen above, Popper cites a familiar source stating that Facebook is seeking a $1 billion sum to develop its cryptocurrency project. He added that in doing so, the project would come more in line with the crypto community’s decentralized ethos.

Furthermore, Popper noted important information that the secretive project is reportedly a stablecoin that would purportedly be pegged to a basket of foreign currencies held in bank accounts. Rumors regarding the  “Facebook Coin” surfaced last December in a report from Bloomberg.

The publication reported at the time that the would be focussed on the remittances market in India and will probably be used for money transfers made within the WhatsApp messenger service. An NYT report in February 2019, further suggested that the token would be usable across the Facebook Messenger App, WhatsApp, and Instagram, giving over 2.7 billion users access each month.

 Anonymous sources informed the publishing that Facebook is “hoping to succeed where Bitcoin failed”, and the firm has employed over 50 engineers to develop its cryptocurrency. Reportedly, Facebook has started shopping the “Facebook Coin” around to unnamed crypto exchanges. 

Ross Sandler, the internet analyst at Barclays, predicts in a client note that if the rumored plans of Facebook launching its very own cryptocurrency are true, then the social media giant could potentially generate additional revenue worth of $19 billion by 2021.

Read more: Canadian Crypto Exchange QuadrigaCX Officially Declared Bankrupt

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