Highlights
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* Facebook rumored to be seeking $1 billion in VC for crypto venture
* Remittances to India to be first target
* Facebook won’t handle cash. Online competition is more cut throat
* Online remittance costs from U.S. to India closer to 1.37% not 6.94%
* With 20% market share, Indian revenue may be $216 million. FB global revenues $56 bn
Yesterday New York Times reporter Nathaniel Popper tweeted that sources told him that Facebook is looking to raise up to $1 billion in venture capital for its secretive cryptocurrency venture. Based on other leaked Facebook information we offer some basic analysis of the revenue opportunity.
How juicy are remittances?
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