Social networking platform Facebook is now believed to seek funding up to one billion dollars for its cryptocurrency project.

According to the tweet of The New York Times online reporter – Nathaniel Popper, social media giant Facebook is now find investment from venture capitalists firms to develop its crypto project, which supposedly targets at “big sums – as much as $1b”. The journalist also revealed that Facebook would use the funds for collateral to back the token. However, neither Facebook nor any capitalist has made any movement towards confirming this statement.

In December 2018, Facebook has been working on its own stablecoin for transferring currency via WhatsApp. The coins are designed to be “pegged to a basket of foreign currencies held in bank accounts.” – Popper also said. The online journalist also tweeted that the blockchain projects invested by outsiders could make it “more decentralized and less controlled”.

Recently, Facebook has been recruiting blockchain team members in order to emerge the technology. They had been looking for 20 blockchain-related positions including a Lead Commercial Counsel for blockchain.

In March, Facebook has been designing a so-called Facebook token (“Facebook coin”) that is planned to launch in the first half of 2019.

Earlier, Facebook also made its first crypto-related acquisition by hiring the team from crypto startup Chainspace, reported by The Crypto Sight on February 17.