According to a report published by the Wall Street Journal on May 2nd, Facebook, the social media giant is rumored to release its own stable-coin after seeking $1 billion worth of investments.
The report highlighted that Facebook is currently in talks with 2 of the biggest payment network providers Visa and MasterCard around how they could provide support for the project, but also with First Data Corp the payment processor.
Rumors have been rife for the past year that Facebook has been secretly developing a ‘FB Coin’ project in order to provide in-house payments for and to its users. From this recent information it appears that Facebook have several options which include payments in the crypto currency via a user’s Facebook profile.
”Facebook is also talking to e-commerce companies and apps about accepting the coin, and would seek smaller financial investments from those partners, one of the people said” – The Wall Street Journal
Unsurprisingly the ‘FB project’ has already attracted the interest of some the industries most prestigious personalities. Billionaire Venture Capitalist (VC) Tim Draper has reportedly met with Facebook to discuss investment potential.
The colossal $1 billion backing is reportedly designed to remove any doubts that FB would try and rival Bitcoin (BTC) and other crypto currencies.
It is likely that the FB project is still some way from deliverance but the ramifications of Facebooks involvement in the industry could be quite profound. Facebook have yet to make an official announcement about the recent developments, but they have certainly captured the attention of a collective audience.