A Coindesk report has quoted two anonymous sources close to the situation at Facebook, alleging that a prominent professor at the Massachusetts Institute of Technology (MIT) has been recruited by the social media giant to work on its crypto project.

The project, dubbed by some as Facebook Coin, is said to now benefit from the collaboration of Christian Catalini, a researcher in token economics at MIT. The Theodore T Miller Career Development Professor recently co-authored a report with University of Toronto professor Joshua Gans, which detailed the value of tokens and initial coin offerings.

Catalini himself is no stranger to crypto as he raised half a million dollars to distribute USD 100 in Bitcoin to MIT undergraduates in 2014.

Facebook is supposedly looking to raise up to USD 1 billion for its crypto, after news broke at the end of 2018 from Bloomberg that that the company was creating a currency for users of its instant messaging service.

Neither Facebook nor Catalini have commented on this report,  not responded to Cointelegraph’s request for comment on the reported development. Not everyone in the space has looked favorably on Facebook Coin, however. Binance CFO Wei Zhou just last month accused Facebook CEO Mark Zuckerberg of targeting crypto for his next tech monopoly.


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