Tim Draper wants to hear Facebook’s crypto project story for investment possibilities

Venture capitalist Tim Draper was planning to meet with social media giant Facebook to discuss investing in the latter’s crypto project, Bloomberg reported April 10.

“I am interested to hear the story,” Draper said. “We will see if it is a fit.”

Earlier this year, reports suggested that Facebook was working on “Facebook coin” and was in talks with several cryptocurrency exchanges about selling the coin to consumers. Last week, New York Times (NYT) tech reporter Nathaniel Popper said that Facebook was seeking support, around $1 billion, from venture capital firms for the project.

Anonymous sources had told NYT that Facebook was considering pegging the value of the coin to a basket of different foreign currencies – similar to the concept of stablecoin.

Sources familiar with the matter told Bloomberg that Facebook is trying to figure out “how to safeguard the digital assets or regular currencies that would be held to protect the value of the stablecoin.” They said that the coin is far from its launch at the moment.

Reports also suggest the Facebook is working on a major overhaul of its messaging infrastructure, which would connect Messenger, WhatsApp, and Instagram. The integration is expected to extend the reach of its coin to the 2.7 billion people who use one of these three apps each month.

Facebook ventured into the blockchain universe last May when David Marcus, head of Messenger, formed a group to explore how to best leverage Blockchain across Facebook. Since then, the company has been making multiple blockchain-related hires and recently acquired the team behind blockchain startup Chainspace.