Zephyrnet Logo

Facebook Hires Four More Crypto Researchers From Blockchain Startup | XBT.net

Date:

Facebook’s blockchain and crypto plans have inched one more step closer to fruition after the Social media giant reportedly hired the team behind a blockchain startup based in London.

Facebook’s blockchain division expands with new hires

Reports have surfaced that Facebook recently completed the hiring of staffers at smart contracts startup Chainspace, a platform founded by researchers from the University College London and which released its whitepaper in 2017.

The move to hire these blockchain minds is an illustration that the social media platform is serious with its crypto agenda and that its intent on moving forward with its blockchain ambitions first announced in May 2018.

Last May, Facebook announced it had formed a blockchain division, and appointed former Coinbase employee David Marcus as its head.

The hiring of researchers behind the Chainspace project could prove a great move for Facebook, especially the social media platform’s desire to use blockchain to scale across multiple applications.

The Chainspace website shows that the startup uses distributed ledger technology (DLT) to achieve transparency and high transaction speeds “within a decentralized system.” It also claims that it uses sharding to help blockchain networks handle scaling problems.

According to Cheddar, four of the five researchers who worked on the Chainspace whitepaper are set to join Facebook’s growing team of blockchain developers.

In a statement, Facebook acknowledged the hiring of the four, noting its ambition to leverage the nascent technology to improve the network. The report added that the “new small team is exploring many different applications [using blockchain technology]”

A spokesperson for the U.S.-based giant noted that they did not acquire Chainspace or any of its technology. The deal only involved some of the startup’s top staff.

Facebook’s move to hire the four individuals isn’t its first foray into the industry in search of top minds for its internal blockchain unit. The company currently employs 40 individuals sourced from various projects, and more are expected to join in due course.

The company’s careers page indicates that the platform is looking to hire more people to fill 11 blockchain vacancies. That will also add to the five hired at the end of last year, a clear indication of the firm’s seriousness regarding its blockchain goals.

The blockchain unit’s ultimate objective is to use the emerging technology to help millions of people gain access to things like “equitable financial services and healthcare” among other things.

In December, Bloomberg reported that Facebook’s team was exploring feasibility for a cryptocurrency that would help facilitate remittances on the messaging app Whatsapp.

There isn’t anything concrete at the moment, but these hires strongly indicate that it’s only a matter of time before Facebook takes a plunge into cryptocurrency with its own digital currency.


Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

Source: https://xbt.net/blog/facebook-hires-four-more-crypto-researchers-from-blockchain-startup/

spot_img

Latest Intelligence

spot_img