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Basis Blockchain Startup Is In Facebook's Sphere Of Interest

13:32 08/02/2019
Facebook To Consider Buying Blockchain Startups

Facebook representatives began to negotiate with the management of more than ten blockchain startups about their possible purchase, The Information reports.

 

The most popular startups that Facebook intends to acquire include the project developing the Basis stablecoin, the Algorand startup founded by Silvio Micali, a scientist working at Massachusetts Institute of Technology, and Keybase, a company providing end-to-end encryption services.

 

Facebook entered into negotiations with Basis at the end of 2018 when the startup was going through its hard times. The US Securities and Exchange Commission (SEC) officials have decided to close it. Intangible Labs, which developed this project, had to return investors all the funds raised in the amount of $133 million.

 

The Basis management stated that the technology was at the final stage of development, the last step was the permission of the regulatory body. However, the SEC officials didn't allow to launch the project since Basis tokens could be considered as securities.

 

Market analysts believe that by doing such vigorous actions, Facebook may work on the development of a stablecoin for the WhatsApp messenger.

 

The Facebook research group studying blockchain technology includes more than 40 specialists and is headed by former PayPal's president David Marcus. Earlier it was reported that the company has already acquired the Chainspace blockchain startup.

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