A recent report indicates that billionaire venture capital investor Tim Draper is looking to meet with Facebook executives. Draper will reportedly talk to them about Facebook’s plans for a cryptocurrency project in which he may become an investor.
A Bloomberg report on Friday (Apr. 12) indicated that Draper said, “I am interested to hear the story,” in an email to Bloomberg News. He added, “We will see if it’s a fit.” If he decides it’s a fit, Draper would become part of a group of other investors putting their capital towards Facebook’s project. Facebook is looking to raise funding of nearly $1 billion for a project for a currency that people could use in one of their apps.
Earlier this week, the New York Times’ Nathaniel Popper reported that the project would involve a Facebook stablecoin. This digital currency would be paired with “a basket of foreign currencies held in bank accounts,” based on what people familiar with the concept indicated. Other investors could include venture capitalists, hedge funds and “wealthy individuals,” according to Bloomberg’s report.
Tim Draper’s interest in the project is certainly not a big surprise to people. He’s also one of the first Silicon Valley venture capitalists to show that he has confidence in Bitcoin or cryptocurrencies. Draper purchased many Bitcoins during government auctions over the past years. In addition, he’s invested his money into Bancor and Coinbase, two companies that are part of the digital currency era.
Facebook’s interest in delving into digital currency also makes sense as the company continues its foray into different technologies. The company has been involved in the exploration of virtual reality and voice interactive devices, as well as different developments in gaming and their apps. Their continued involvement in technology now extends to concepts in the world of blockchain and cryptocurrency.
As of this report, the cryptocurrency markets were seeing some slight dips, with Bitcoin hovering near the $5,100 mark. Meanwhile, Facebook stock (FB) was at $179.10, up $1.59 or 0.90 percent, as of the close of trading on Friday (Apr. 12).
