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Tim Draper Planning to Meet Facebook about its Crypto Project

By Chris Torres | April 16, 2019
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Tim Draper Planning to Meet Facebook about its Crypto Project

Billionaire venture capitalist Tim Draper says he is planning to meet Facebook to talk about investing in the social network’s cryptocurrency project.

In an email to Bloomberg, Draper said, “I am interested to hear the story. We will see if it is a fit.” He is not the only one who is keen to have a discussion with Facebook, of course. Hedge funds, venture capitalists, and other wealthy individuals are also likely to invest, says Bloomberg.

On the creation of its own stablecoin, sources familiar with the matter updated Bloomberg that Facebook is far from having a release. The company is still working out how to safeguard digital assets or fiat currencies that will be used to peg the coin against. The New York Times has revealed that Facebook’s stablecoin will likely be pegged to a basket of foreign currencies held in bank accounts. It is believed that the coin might be used to conduct currency transfers over Facebook-owned messaging app WhatsApp.

The Crypto Sight reported earlier in April, Facebook is now believed to be seeking funding of up to $1 billion from venture capitalists to develop its cryptocurrency project. So far, Facebook has been tight-lipped on whatever crypto-related effort it might be working on.

In addition, it is believed that Facebook is also looking into integrating WhatsApp, Instagram, and Facebook Messenger into a single. Meanwhile, Facebook has opened five new job positions for blockchain talent at its headquarters in Menlo Park, California.

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