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Facebook Hires Specialists From London-Based Blockchain Startup

13:25 06/02/2019
Facebook Acquires Blockchain Startup And Hires Its Employees

Facebook, which owns the world's largest social network, acquired its first blockchain startup, Cheddar reports. A young project called Chainspace was developing smart contracts for transactions and other operations on distributed ledger. However, Facebook has no intention to purchase the technology of the startup.


In Silicon Valley, such cooperation is referred to as acqui-hire, when a company acquires a project just to hire its members. Chainspace was founded by a group of researchers from University College London. Four out of five authors of the project’s whitepaper are going to join Facebook’s blockchain division.


As representatives of the purchasing firm briefly commented, the new small team will explore a lot of different applications. They added that the corporation is looking for ways to apply decentralized technology.


It is worth noting that the team of Chainspace intended to create a high-quality and transparent platform for processing of blockchain payments. In particular, the developers sought to increase the speed of transactions in distributed systems, which today are far behind traditional processing, such as Visa.


In addition, Chainspace was preparing to raise $4 million during the initial funding, but now the project is most likely to be closed.


The blockchain research team of Facebook already includes over 40 specialists, headed by David Marcus, the former president of PayPal.


In late 2018, it became known that Facebook was exploring the possibility of issuing its own stablecoin. It will be used for transfers in the WhatsApp messenger.

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