Facebook Shows More Interest in Blockchain, Buys its First Company

facebook

Facebook is getting more serious with the blockchain industry and its most recent acquisition backs that up. The social media company reportedly hired a team of experts at Chainspace, a Blockchain company. Thus, this is an addition to 40 other experts in the field who are currently working for Facebook, reports Cheddar on February 4.

Facebook’s Intention to Launch a Blockchain-based Product

Rumours may have been ongoing about Facebook’s intention to launch a Blockchain-based product, but more actions towards that direction may see to the actualization of these claims sooner than later. This can be said about the acquisition of Chainspace, a company that has been developing smart contracts to speed up Bitcoin transactions.

Reportedly, four members out of 5 who worked on Chainspace’s whitepaper have already taken up reputable positions in the social media company. The latter can be attested to the fact that two members from the team, have updated their LinkedIn profile to reflect the new change in jobs. They are Alberto Sonnino and George Danezi whose employment now says blockchain researchers in Facebook’s London office.

Amount Paid to Hire Chainspace’s Services Unknown

On the other hand, the amount for which the company was purchased is currently unknown. Further reports reveal that the startup was about raising a fund of less than $4 million before its acquisition. It is also worthy to note that only the team has been hired and its technology has been set aside.

More details into the newly acquired company reveal that Chainspace was working on a project that could help to resolve Bitcoin’s scalability problem. It was noted that the virtual asset processes payment slower in comparison to SWIFT and Paypal. The duo can handle 2,000 transactions per second (tps) and 115 tps respectively.

Related Article:  Facebook Libra Coin did what you all wanted, and now you’re upset?

A Facebook Spokesperson who spoke to the media outlet said

Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications.

Facebook Hires Experts in the Blockchain Industry

BTCNN on December 10 revealed that Facebook is already hiring experts in the Blockchain industry. The platform on its job page outlined several positions which could be filled, and these are Data Engineer, Data Scientist(s), Blockchain Software Engineer, and Product Marketing Lead.

On December