Tim Draper, the well-known billionaire venture capitalist and Bitcoin evangelist, is reportedly planning to have a meeting with executives at Facebook to discuss a possible crypto investment. For a few months now, the crypto world has been rife with rumours that Facebook is coming out with its very own cryptocurrency: the Facecoin.
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Draper has reportedly told media outlet Bloomberg that he is keen to know more about the supposed project, and plans to assess the story around it to see whether or not it would fit his own investment model. This brand new revelation has come right after it was reported that the social media major is seemingly looking for a massive investment worth about 1 billion dollars from venture capitalists with deep pockets. The investment would apparently be used to fuel the development of this closely guarded mystery coin.
Given that Facebook is taking extreme measures to keep details of this rumoured project under wraps, it is hardly surprising that there is a lot of speculation around it. Recently, Nathaniel Popper, a tech reporter affiliated to the New York Times, suggested that the cryptocurrency may be a stablecoin tethered to a whole set of foreign fiat held in different bank accounts.
Despite the great deal of conjecture around it, Facebook has not gone on the record to confirm or deny the rumours yet. In fact, as reports from most sources familiar with the matter suggest, the giant has gone above and beyond to make sure even regular Facebook employees (those who are not working on the crypto project itself) get to know anything about the development process.
Tim Draper is known to be quite vocal about crypto market changes and is a respected name in the sector. Now that he is seemingly taking interest in Facebook’s purported crypto, other VC firms are also likely to follow suit.
Yet, we must remember that Tim Draper has not yet made the decision to bet his money on the project so it will still be an uphill battle for Facebook to secure the 1 billion dollars of funding it is supposedly looking for. Even though it is a huge name in itself, crypto projects are still seen with a certain degree of suspicion and we are sure even a social media giant like Facebook will have to do quite a bit to perfect its pitch to the VC firms.