Social media giant Facebook is seeking investments worth $1 billion for its rumored cryptocurrency stablecoin, the Wall Street Journal (WSJ) reported on May 3.
Citing people familiar with the plans, the publication revealed Facebook was currently talking to major payment networks Visa and MasterCard about potential support, along with payment processor First Data Corp.
The cryptocurrency project, dubbed “FB Coin,” has fuelled rumors for around a year that Facebook wants to provide in-house payments to users. As more information trickles down to the outside, it appears various options are under consideration by executives, including payments via a user’s Facebook profile.
As Cointelegraph reported, interest in a fiat-centric FB Coin has already reportedly come from within cryptocurrency circles, specifically in the form of VC investment mogul Tim Draper.
Last month, plans surfaced that Draper, who is a well-known bitcoin (BTC) bull and supporter of altcoin Tezos (XTZ), would meet with Facebook to discuss investment options.
