Billionaire Tim Draper Considers Investing In Facebook’s Crypto Project

The popular venture capital investor Tim Draper wants to meet with the Facebook team in order to discuss investing the rumored crypto project of the social media giant. In the latest cryptocurrency news today we find out more about his ideas.

According to Bloomberg reports, Draper says that he is ‘’interested to hear the story’’ about the project and he also wants to see if the project is a ‘’fit.’’

His decision comes right after the social media giant announced that they are considering about $1 billion investment. They seek investments from multiple venture capital firms. Facebook wants to gather some money before developing the crypto project. A few days ago, the New York Times reporter Nathaniel Popper wrote that the project will basically be a stablecoin. He writes that the stablecoin will be pegged to multiple foreign currencies.

While Facebook hasn’t made any comment on the rumors so far, Bloomberg was among the first to report the ‘’crypto development’’ back in December last year. Following Bloomberg’s steps, the New York Times published another article later in February this year, claiming that Facebook is working on a top secret crypto project. The article says that Facebook will introduce a stablecoin that will be incorporated in Facebook Messenger, WhatsApp and Instagram combining a total of 2.7 billion users.

However, Facebook is still a long way from releasing a stablecoin. The social media platform is trying to find a solution on how to secure the funds behind the stablecoin.

Tim Draper didn’t make any further comment on his plans and ideas about meeting with the company.

In the meantime, the offices in Menlo Park, California where the company is based opened five new positions in its blockchain department. The company has already hired a senior lawyer with blockchain experience. New job offers are often being posted on their career page so make sure to check them out.