HomeMarketHeadlinesNathaniel Popper: Facebook crypto asset looks to VC firms for investment

Nathaniel Popper: Facebook crypto asset looks to VC firms for investment

Facebook reportedly is on the hunt to involve venture capital firms in its new crypto asset endeavor. It’s estimated that the amount of money expected to be raised is up to $1 billion.

Fresh Twitter intel

As part of a series of tweets on April 8, New York Times journalist and crypto influencer Nathaniel Popper said:

Update on Facebook’s cryptocurrency: Sources tell me that Facebook is now looking to get VC firms to invest in the Facebook cryptocurrency project we reported on earlier this year. I hear they are targeting big sums — as much as $1b.”

The New York Times reported on the rumblings of a Facebook crypto asset in late February of 2019, noting the social media giant has reportedly already spoken to exchanges on the listing of such an asset.

In his series of April 8 tweets on the fresh Facebook asset news, Popper noted the Facebook project might be seeking such investment in order to appear less centralized.

According to one source Popper talked to, the social media company might utilize the invested funds as collateral for the new digital asset. Popper also noted Facebook’s focus on a pegged cryptocurrency.

Popper tweeted on April 8:

The New York Times mentioned such a pegged asset in its article back in February. The journalistic piece stated, “Facebook is looking at pegging the value of its coin to a basket of different foreign currencies, rather than just the dollar, three people briefed on the plans said.”

Additionally, Popper noted it interesting that a giant company like Facebook would go about seeking external investment.

Responses on Twitter

As usual, users commented on Popper’s tweets with their thoughts on the matter.

Someone implied that Facebook’s asset might not get a pass from the U.S. Security and Exchange Commission (SEC), likely referencing the government agency’s recently publicized acceptance of the TurnKey Jet Inc. token sale.

Bitcoiner Udi Wertheimer jokingly posited that putting money into a dollar-pegged asset would not be considered an investment.

An additional Twitter comment hosted an alternative idea for the social media giant’s cryptocurrency project.

At press time, Facebook’s stock itself is selling for roughly $175 per share, down from around $210 in July of 2018.

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BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.