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A new major player might soon join Facebook’s grandiose cryptocurrency stablecoin endeavor: American venture capital investor and billionaire Tim Draper.
The news of Facebook working to create its own cryptocurrency made rounds towards the end of 2018. Although the news still has it that the plan is still ambiguous, crypto enthusiasts have had their hopes high. It would be amazing for one of the biggest social media platforms in the world to support the transfer of money through cryptocurrency. This will enable many people across the globe to send money faster without breaking a sweat.
The crypto coin project is proposed to work with the company’s WhatsApp platform. The project is reportedly focused on the Indian remittance market as it is considered one of the biggest in the world; and statistics show that a great number of Indian citizens are members of the platform. Therefore, the platform is a good avenue to target a larger base of customers. With the expected Facebook virtual coin, members of the platform will be able to send and receive cryptocurrency directly to their wallet without a third party.
It will be recalled that Facebook has been on a hiring spree since last year when it hired among others the former president of PayPal, David Marcus, the head of its blockchain initiatives, and later on acquired a blockchain startup. These moves have kept crypto enthusiasts on their toes waiting for the big news.
Well, today isn’t the day for these anticipated big news. However, we do have some news of a top-level investor who is interested in being a part of Facebook’s one-billion-dollar project.
Tim Draper is one of the first venture capitalists in Silicon Valley to embrace cryptocurrency and the technology that it is built on, blockchain; he is widely known for his large investments in the crypto space. Draper has bought large amount of Bitcoin at government auctions as well as invested in major crypto-based firms such as Coinbase and Bancor. Hence, it wasn’t much of a shocker when he showed his interest in the ongoing Facebook coin project. He has always had something for ‘big’ crypto projects.
Speaking with Bloomberg News, Draper wrote that he is interested to hear the story and that he will try and see if it is a fit. Yes, he is yet to get on fully board; however, merely considering the idea means that there is a chance for him to get on board and we at the crypto world will really dig the partnership as it might bring the cryptocurrency project one step closer to completion.
Besides Draper, the report has it that a number of other big industry players, including large hedge funds, are also considering to hop on the decentralized train that Facebook is presumably assembling.