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Trend of Stable-Coins: Fact Check of Facebook's $1 Billion Fund Raising Through VC for Cryptocurrency-Project
Spotlight on a Mounting Speculations of Facebook’s Crypto-project: Ever since the global social media company ‘Facebook’ has been in the news of striving to test their luck in blockchain or crypto-universe, we could get to see mounting speculations on this news.
Recently, a Barclays internet analyst, Ross Sandler, seemed to have been betting on prospects of Facebook’s crypto-project. As per his predictions with CNBC, the cryptocurrency could potentially bring in the new revenue stream, that can exponentially grow and generate revenue of about $19 billion by 2021.
But for now, as per some sources, Facebook appears to be raising $1 billion for their blockchain project.
The social media giant is eyeing on VC firms to infuse funds in its cryptocurrency project for sums as large as $1 billion, according to NY Times reporter Nathaniel Popper. As per his remarks, the company is likely to design its stablecoin for WhatsApp using a bunch of fiat currencies as collateral.
Although the speculated news is neither denied nor clarified about the specifics of the launch date and intricacies by the company’s sources, the confidentiality of Facebook’s Blockchain project is no longer confidential.
As per their objective, establish blockchain technology team which has been found in Facebook’s official careers page, so that they could incept a stablecoin through which their clients can transfer money via WhatsApp. The hiring of former PayPal President, David Marcus, is quite evident who is also designated as the chief of the project at Facebook.
As a result, financial veterans are perceiving the news as a constructive development that could cushion the company’s share price that slinked on a flurry of high-profile scandals during the past couple of months.
Furthermore, there have been a series of news flowing in about its listing, business prospects and forecasting of revenue and pricing.
The crypto-coin is reportedly intended to roll out during H1’2019 as many blockchain tech-savvies and developers seem to have been striving hard on the objective at a private office with confined access.
In addition to that, they have also been in discussions with the quite a few predominant crypto-exchanges about listing its coin, that is likely to be pegged to a basket of several currencies, in conjunction with the US dollar.
The stable coin would be made compatible with WhatsApp predominantly for the purpose of payments and transfers. While the price of a stable coin is to be pegged by the US dollar, euro, and other major national currencies stored in Facebook bank accounts.
Whatever be the speculation, potentially, the coin integration likely has the scope of over 2.5 billion people across the globe via WhatsApp Messenger and Instagram, whose usage has been observed quite often.
WhatsApp cryptocurrency can debut in India’s remittances market, where about 200 million people use the application, as per a Bloomberg’s report.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 163 levels (which is highly bullish), USD is at -9 (neutral), while articulating (at 07:06 GMT).
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