The Wall Street Journal: Facebook is raising $1 billion for a stable currency project

According to the Wall Street Journal reported on May 3, social media giant Facebook is seeking a $1 billion investment for the rumored cryptocurrency stabilization currency.

Photo-1549813069-f95e44d7f498

Image source: unsplush

According to people familiar with the matter, Facebook is currently negotiating potential support with major payment networks Visa and MasterCard and payment processor First Data Corp.

If this effort is successful, it may subvert the traditional, lucrative e-commerce channel and may become the most mainstream application of cryptocurrency to date. Currently, the social media giant is under intense pressure from regulators, users and shareholders to resolve privacy issues.

According to people familiar with the matter, the program, code-named "Project Libra," has been in operation for more than a year. At its core is a digital coin, FB Coin, which users can send to each other and use it. Facebook and shopping on the internet.

Facebook Secret plans to create a new payment system that involves both the investment of traditional financial companies and the possible rewards of users' activities on the platform.

The cryptocurrency program, called FB Coin, fell into rumors about a year ago, saying Facebook wanted to offer internal payments to users. As more and more information flows to the outside, Facebook executives seem to be considering options, including payments through the user's Facebook personal interface.

“Facebook is also talking to e-commerce companies and app developers about accepting this currency and will seek these partners for smaller financial investments,” adds The Wall Street Journal.

According to Cointelegraph, people in the cryptocurrency are increasingly interested in this legal currency-centric FB Coin, especially venture capital giant Tim Draper.

Last month, it was reported that the famous Bitcoin bulls and Tezos supporter Tim Draper will meet with Facebook to discuss investment options.

However, according to sources in The Wall Street Journal, FB Coin is supported by fiat money to further eliminate suspicions about FB Coin relative to Bitcoin and other cryptocurrencies. They said that FB Coin should avoid the volatility of past cryptocurrencies to promote consumption.

In addition, it is worth noting that two people familiar with the matter said that MIT economist Christian Catalini is currently participating in the Facebook cryptocurrency business. However, Catalini declined to comment on the matter.