News of Facebook's coin has been around for some time, alleging that it will be used for transferring money across the Facebook ecosystem, which includes WhatsApp, Messenger, and Instagram. Facebook's recently issued patent that tracks digital currency purchasing flows supports this news.
Nathaniel Popper, a New York Times tech reporter, tweeted on 4/8/2019 that Facebook is now seeking as much as $1 billion in venture capital funding to develop its digital coin. If true, it will be the first time in its history for Facebook to try to raise funds from external investors. The reporter added, albeit in contradiction with some experts, that the decision to seek outside investments may be to present the new digital currency as more decentralized than if it had been independently funded by Facebook. Although rumors and speculations may continue to clash with one another, it is certainly worth keeping an eye on how the tech giant will enter the crypto space.
