Tim Draper Meet with Facebook on Crypto Funds
Venture Capitalist Tim Draper planning to meet with Facebook Inc. for discussion of investment in social network Crypto projects. It doesn’t seem that Draper is the only one meeting and gathering with the social network seeking to raise funds.
He is planning to raise an initiative of approx $1 billion and is planning to have a digital coin that can be used in the app environment in one of its app. Another big Capitalist like Hedge Fund’s other wealthy individual is also planning to invest with them over time.
These were in the news as first reported by The New York Times. Facebook is also not behind in this race. It’s currently working to create its own Stable coin a digital coin with a value pegged in U.S Dollar. Hence this will allow the user to transfer money on their WhatsApp messaging app.
Facebook is planning it’s remittance in India but there is still a lot of work to do and they have to go a long way. They are still trying to work upon the safeguarding this digital asset of them.
Things look like they have been planned before and were expected to move into financial services when they hired former President of PayPal David Marcus and allow him to run it’s messaging app.
To bring to your notice Draper is one of the first venture Capitalist in the whole silicon valley who sees future in Bitcoin and other Cryptocurrency along with the underlying technology on Blockchain.
He thinks this technology can allow a lot more secure payment option and also without the use of intermediate.
More About Tim Draper
His love for the Cryptocurrency can be seen when he bought up large swaths of Bitcoin at a government auction and also having a key invest role in the Crypto companies like Bancor and Coinbase.
His son is also been showing great love for the Cryptocurrency as he is also investing in some of the blockchains and to bring to your surprise many other venture Capitalists seek and try to mirror his strategy which shows that how good investors his son is.
