Facebook management leaves to launch blockchain

Facebook management leaves to launch blockchain

According to Cheddar's report, Facebook may create a cryptocurrency that will allow its over 2 billion users to make electronic payments. On it informs the American TV channel Cheddar, specializing in financial information, referring to its informed sources. Facebook's decision to pursue blockchain technology will most certainly add some validity to the crypto industry, which has been very chaotic.

While confirming the creation of the new blockchain team in a Facebook post earlier this week, Chief Executive Officer Mark Zuckerberg didn't elaborate on its objective.

U.S. media reports indicated that a disagreement with Facebook over the privacy of user data may have also been a factor in Koum's decision to quit his position as a high-ranking executive and likely leave his seat on the board at the leading online social network. This week, however, Facebook created a team of more than a dozen people, which studies the technology of the blockchain, including mining and cryptocurrency circulation.

Facebook, the controversial social network, has already integrated payments and its Messenger platform.

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Facebook's work on blockchain technology and cryptocurrency will likely take years to materialize.

"Facebook is also looking at other ways that it could use this core blockchain technology that underpins these popular cryptocurrencies like bitcoin and ethereum". Reportedly joining Morgan Beller, a member of Facebook's development team, in researching blockchain is the company's vice president of Messenger, David Marcus, who will lead an expanded team. One of the sources said that Facebook could make acquisitions in the field in order to develop its own cryptocurrency.

Stan Chudnovsky, Messenger's product manager, will replace Marcus as head of the service, Facebook said. 'This new small team will be exploring many different applications. Facebook's cryptocurrency interest appears closer to becoming a reality, given Marcus' experience in the field of finance and cryptocurrencies.

It's not exactly news that Facebook has been investigating the potential uses for blockchain tech in their business.

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