FRIENDS ON THE BLOCKCHAIN
Facebook wants VC dollars. The New York Times’ Nathaniel Popper tweeted yesterday that sources tell him Facebook is looking to get venture capital firms to invest in the company’s cryptocurrency project. The tech behemoth is reportedly targeting a much as $1 billion of outside capital for its digital asset endeavor.
Popper also noted that making its blockchain arm a separate entity would help Facebook to distance itself from its nascent venture. Why would it want to do that? Facebook, which is having its own trust issues right now, is smart enough to know that decentralization and trust go hand in hand. So no, launching a cryptocurrency controlled by the tech behemoth probably wouldn’t be the best idea. Hence the outside investors.
Facebook assembled its blockchain team almost a year ago, and according to its careers page, it looks like it’s on a hiring spree. With Andreessen Horowitz expanding its crypto ambitions, and Facebook doubling down on its own venture, it’s worth watching this space very…