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.
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“We want to bring crypto and tokenized assets to a wider audience, allowing them to trade with confidence. This is the future of finance. Blockchain will eventually 'eat' traditional financial services through tokenization.”The eToro blockchain division will be led by professionals. According to Assia, the financial services will be transferred to blockchain since the tech brings a new paradigm for asset ownership. He believes that right now, traditional asset classes need to be explored and act as a property that needs to be tokenized. From an altcoin news perspective, it is also important to mention that in March this year, eToro officially launched the platform and crypto asset wallet - when it also announced that it has acquired the smart contracts development company Firmo so that it can explore and add more tokenized assets. A lot of best cryptocurrency news sites have reported the new eToro blockchain division, noting that it is definitely something that the market needed right now.
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“We’ve fallen a little behind — we can’t deny that. If we keep doing things the way we have, we may not be able to close the gap.”Japanese investors seem to have a lot of enthusiasm for cryptocurrencies despite the increasing competition. The Japanese Yen is now accounting for 45% of national fiat currencies trader for Bitcoin according to statistics. As previously reported in the latest cryptocurrency news, Monex Group got Coincheck under its wing and took multiple measures to improve the protection of the company and to develop its trading systems. The company also tried to reimburse those who were affected by the hack of the exchange. Last year in November, Coincheck resumed trading and obtained an operating license from the Financial Services Agency in Japan in December 2018. The financial report of Monex Group shows that in the third quarter for 2019 fiscal year Coincheck halved its losses as compared to the preceding quarter. This month, Monex announced a few changes to its management organization by hiring three Coincheck executive directors to enhance the cooperation between the companies.
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