Facebook will open a cryptocurrency plan worth 1 billion knives, Tim Draper said it intends to invest

American legendary investor Tim Draper plans to meet with Facebook-related leaders to discuss the cryptocurrency project for the social network.

In an email to Bloomberg, Draper said:

I want to hear the story. Then judge whether it is appropriate (investment).

The 60-year-old Draper will not be the only person to meet with Facebook, and the company is seeking to raise up to $1 billion in its cryptocurrency program. Hedge funds, venture capitalists and other wealthy individual investors may also choose to invest in the company. The financing plan for the Facebook cryptocurrency project was first reported by The New York Times.

There were reports in December last year that Facebook is building its own “stabilized currency” – the value of this digital currency will be linked to the US dollar or other legal currency to reduce volatility. It is reported that users will be able to transfer money through their instant messaging app WhatsApp, the first open remittance market is India.

According to people familiar with the matter, Facebook may not be able to issue such stable currency in the short term because it is still trying to solve the problem of the protection of such digital assets or conventional currencies. After all, the corresponding legal currency assets need to be used to protect the value of its stable currency assets. .

Since the appointment of former PayPal president David Marcus as the head of the Messenger app in 2014, there has been speculation that Facebook may take action in the financial services arena. In May of last year, Marcus began to take charge of the company's blockchain project, and Facebook has been recruiting a large number of talents for its blockchain team.

Draper is one of the first investors in Silicon Valley to discover the value and prospects of Bitcoin and other digital currencies and their underlying technology blockchain. A few years ago, he bought a lot of bitcoin at a government auction, and later invested in important organizations related to cryptocurrencies such as Bancor and Coinbase. His son Adam Draper has also invested in a number of companies related to the blockchain, and many other venture capitalists are now emulating his investment strategy.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


The $47 Million KyberSwap Hacker Plots Surprising Proposal in Upcoming Announcement

KyberSwap hacker announces potential deal following $47 million heist last week.


Kyberswap was hacked for $48 million, but the drama-loving hackers took the initiative to negotiate.

Hacker left a message on the chain I'll take a break and we'll chat later. Original author Loopy Lu. On November 23rd...


KyberSwap Breached in $46 Million Hack Thanks to 'Infinite Money Glitch' A Heist for the Modern Age!

Fashionista, take note Doug Colkitt has revealed that the recent KyberSwap hack saw an intricate and well-planned app...


Does the DeFi market have no ceiling? How to introduce quality assets is the key

On July 25th, the "DeFi Feature Series" initiated by a chain community, DeFi Lab, DOS Network, and Hydro st...


Fade out and rise of an old Defi project

Editor's Note: Original title was "Kyber's Fade Out and Rise" In the DeFi project, the previous a...


KyberSwap Hack: Funds Stolen in Million-Dollar Exchange Adventure!

Major security breach at KyberSwap - $48 million stolen, investors urged to withdraw funds immediately. Hackers hint ...