Facebook Coin Resurfaces in “Decentralised” Form

Facebook Coin Resurfaces in “Decentralised” Form

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April 10, 2019 by News Spotter
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Recent Tweets from New York Times (NYT) tech reporter Nathaniel Popper have reignited the rumours surrounding the launch of a digital currency from social media giant Facebook. Update on Facebook’s cryptocurrency: Sources tell me that Facebook is now looking to get VC firms to invest in the Facebook cryptocurrency project we reported on earlier this

Recent Tweets from New York Times (NYT) tech reporter Nathaniel Popper have reignited the rumours surrounding the launch of a digital currency from social media giant Facebook.

According to Popper, Facebook are looking for around $1 billion in venture capital funding from outside sources to create their own digital token that would be more akin to a stablecoin pegged to a basket of fiat currencies rather than a true stand-alone, digital currency such as Bitcoin.

VC Funded Decentralised ZuckBucks

While the recent stories partially echo the hyperbole surrounding similar articles attributed to un-named sources from the end of last year, the latest version does raise the question of why a company with such vast financial resources would need outside funding?

Popper himself addresses this point by suggesting it would aid in marketing any forthcoming Facebook digital asset as decentralised.

Although such a move may aid mainstream presentation, judging from the content of replies to Popper’s Tweets, it would unlikely be enough to convince those who are already involved in blockchain and cryptocurrency circles or those who have concerns about Facebook’s past governance failings.

Despite the healthy scepticism, it is unclear if the majority of Facebook users would share the same apprehensions and earlier NYT articles by Popper, along with Facebook’s recent acquisition of Chainspace’s blockchain development team, has fuelled the belief that a Facebook Coin – or perhaps even a venture capital funded fully-decentralised version, already nicknamed “ZuckBucks” after co-founder Mark Zuckerberg – is gaining traction.

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