Bitcoin Bull Tim Draper Potentially Looking to Invest in Facebook’s Crypto Project

The latest report reports claim that Facebook is looking for VC companies to invest in its crypto projects and the plans are to raise $ 1 billion, says NY Times reporter Nathaniel Popper. It was reported that they had already hired 30 people so far to work for the division of David Marcus, the formal PayPal president and the head of Messenger.

Rumor has it that Facebook’s mainly Palo-Alto based blockchain team is allegedly looking to launch a stablecoin for WhatsApp users. Unlike most stablecoins, Facebook’s stablecoin would be backed by a number of foreign currencies, potentially making it even more resilient to volatility even against currency exchange rates. According to sources speaking to Bloomberg, the digital asset centered around use in India as a mode of payment and would that it would be pegged to the U.S dollar and potentially other ‘’stable’’ assets.

The NY Times reporter Popper said “One person I spoke with said that Facebook is talking about using the money as collateral for its cryptocurrency. Facebook has been designing the coin to keep a stable value, pegged to a basket of foreign currencies held in bank accounts.” This could reportedly disrupt the need for industries such as Forex.  Popper concluded by saying that it’s pretty interesting to note the fact that one of the wealthiest companies on the planet is raising money.

Rumors indicate that the social media giants silent but serious foray into the blockchain industry has been stalling, and that the venture reportedly needs financing but that’s where Silicon Valley- based crypto pundit comes in.

Bitcoin die-hard and venture capitalist Tim Draper is a potential investors in Facebook’s crypto project. He’s expected to meet with the social media network in order to discuss the new crypto project and the potential investment.

According to a phone call to Bloomberg News, Draper had said, ‘’I am interested to hear the story….We will see if it’s a fit.’’ The prominent bitcoin bull was hesitant to admit the sum that he would be potentially investing.