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Facebook has embarked on an aggressive recruitment campaign to convince cryptographic experts to expand its blockchain group amid speculation that the social media monopoly is considering launching its cryptocurrency.
Facebook formed its blockchain in April 2018 with David Marcus, former president of PayPal and VP of Messenger. Marcus is a longtime advocate of cryptocurrency and a former member of the board of directors of Coinbase, the largest exchange of cryptocurrencies in the United States.
FB's blockchain group now has 40 employees – including half a dozen former PayPal executives whom Marcus has downloaded from his former employer, Cheddar said.
FB Eyes based blockchain payment product
The secret unit includes people who have worked on Google Pay and Samsung Pay, a mobile payment and a digital wallet service from Samsung, the world's largest manufacturer of semiconductors and smartphones.
"They were very quiet about what they were working on, very stealthy," said Cheddar & # 39; s Alex Heath (video below). "But it will surely be a sort of blockchain-based cryptocurrency payment product."
Facebook is also evaluating the opportunity to launch a cryptocurrency that allows its 2 billion users worldwide to make electronic payments without the need for a traditional bank.
"They've already had people in politics in D.C. to raise the issue," Heath said.
he also talked about Facebook Blockchain with @lisahopeking / @thebradsmith over it @Cheddar Yesterday – the main takeaways are that the FB brand is a problem for space recruitment and will probably do significant M & A to achieve its goals pic.twitter.com/nVoiqnZ9HG
– Alex Heath (@alexeheath) December 14, 2018
As a result, Facebook is looking to hire crypto-savvy engineers, product managers, academics and legal experts to expand its blockchain group.
"I'm actively, actively recruiting," said Alex Heath of Cheddar. "They are also trying to collect cryptic start-ups that are at the white paper level, which means they do not even have a product yet."
Facebook is becoming really difficult after the recruits
Health has said that Facebook is looking for gifted recruits because the talent pool is relatively shallow as the encrypted ecosystem is still in its infancy.
"The talent in this area is so limited, and there are so many great actors who want these talented cryptographers and academics," Heath said. "So Facebook is going really strong with them, and they're having trouble."
Facebook is having a lot of problems with their recruitment efforts due to its numerous recent data privacy scandals that have eroded public confidence in the company's colossus.
A lot of people do not trust Facebook & # 39;
"Many people obviously do not trust the Facebook brand right now, especially the people in the crypto / blockchain world," Heath said. "Many of them have entered this sector because of the centralization and data misuse of companies like Facebook".
Many users are furious after learning that Facebook has sold their personal data – without their consent – to third parties for profit.
The CEO of Facebook Mark Zuckerberg has apologized for the debacle, but the damage to his credibility and the Facebook brand continues to reverberate.
"So the idea of Facebook that creates a cryptocurrency and a digital economy within its ecosystem is incredibly exciting – if you talk to some people – or one of the most terrifying things in the world, if you talk to the others, "said Heath. "It's very polarizing, but they are actively developing it, I think we can expect to see Facebook buy some companies in the cryptographic space in the next year."
Shutterstock foreground image
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