Facebook Acqui-Hired Team of Blockchain Startup Chainspace

The social network Facebook is strengthening its blockchain division with new crypto researchers. The company hired almost all employees of the blockchain startup Chainspace.

According to Cheddar, the social network hired the entire team of the crypto company, but Facebook has yet decided not to invest in previous Chainpsace products.

Chainspace, according to the white paper, has been developing a decentralized blockchain platform for secure and transparent payments processing. The project also examined other areas, where blockchain could be adopted, for example, in voting.

Now, according to Chedder sources, four out of five Chainspace employees have moved to Facebook. Two of them have already announced this on LinkedIn.

Facebook confirmed the company really hired Chainspace employees. But the social network did not call it a breakthrough: “Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications.”

According to Chedder, 40 people are currently working in the blockchain division of Facebook. The department is headed by PayPal ex-president David Marcus.

  • Last month, Bloomberg reported that Facebook is developing a stablecoin cryptocurrency for its WhatsApp messenger. A new coin must be backed by the US dollar. Facebook did not confirm or deny this information.
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