Facebook, the tech giant from Silicon Valley, has decided to immerse itself in blockchain, even as the cryptocurrency world faced a tough period in late 2018. This acquisition was uncovered by Cheddar, a business news outlet that warmly embraces the crypto industry. Brave Browser .
Facebook, Meet Chainspace
Per the exclusive Reportedly, Facebook has subtly brought on board the team behind an emerging blockchain firm primarily concentrating on developing smart contracts for payment facilitation. Chainspace, with its focus on building a transparent and secure transaction platform, hinted at aims for a decentralized structure similar to their vision. Chainspace While the details of the acquisition remain under wraps due to the anonymity of sources, it appears that four of the five authors behind Chainspace's whitepaper from University College London are now part of Facebook's blockchain initiatives, as evidenced by their LinkedIn profiles. Visa .
With Facebook's acquisition, Chainspace’s operations have apparently ceased, with insiders suggesting a significant reduction in staff.
In a rare confirmation of its usually secretive projects, Facebook acknowledged the recruitment of a blockchain-focused team. A company representative mentioned to Cheddar their exploration of blockchain capabilities without divulging additional specifics.
“Facebook, similar to other companies, is assessing how blockchain could be leveraged. This team is small but probing into various uses with no additional information to share at the moment,” disclosed a company spokesperson.
Some speculate this strategic 'acqui-hire' move regarding Chainspace is part of Facebook’s approach to potentially develop a stablecoin integrated with WhatsApp, targeting a cost-effective solution for global remittances.
Facebook's deepened interest in blockchain follows a Cheddar report from December about its growing secretive blockchain group, which now exceeds 40 employees, including top blockchain developers and former PayPal executives.
Booming Blockchain Team
Interestingly, two senior personnel from Instagram under the Facebook umbrella switched allegiances to join Facebook’s blockchain efforts, signaling the company’s unwavering commitment towards cryptocurrency and blockchain, despite market slumps.
There's a mix of skepticism and optimism about Facebook's blockchain ambitions, with critics wary of its dominance, reminiscent of a watchful eye, yet others see potential. Bitcoin price Anthony “Pomp” Pompliano, known for his anti-establishment views, recently praised Facebook's blockchain advancements, implying it could shift the lives of billions globally.
Could Facebook Be the Game-Changer in Crypto's Narrative?
Pompliano leads the digital arm at Morgan Creek and has remarked on Facebook’s knack for launching successful innovations. Even if they don’t release a stablecoin, Pomp sees Facebook as pivotal in the short span of crypto’s history.
I am an established writer with a focus on cryptocurrency since 2013, having been featured in prominent industry publications. Besides writing, I'm part of HTC's EXODUS division and hold some Bitcoin. You can reach me at [email protected] Off The Chain OnlyFans Founder and the HBAR Foundation Make a Surprise Bid for TikTok
Trump Media Stocks Decline Considerably Following SEC Disclosure of Possible Share Sale
