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Facebook seems to be a step towards the release of a product related to cryptocurrency. Reportedly, the social media giant has hired several PayPal employees in the blockchain division created this spring.
Alex Heath of Cheddar, who spoke with the people that Facebook tried to recruit and with the companies he worked with Facebook, reports:
"What was interesting about the trick of [Facebook’s blockchain] group so far–there are about 40 people in the group–is that many exec come from PayPal, which makes sense given the David Marcus connection. A lot of high-level PayPal people have come. "
More PayPal Exec hired by May
When Facebook created its blockchain division in May, it assigned David Marcus the role of head of the group. Marcus previously served as vice president of Facebook Messenger and a P2P payment tool was added to the messaging platform under his supervision. Marcus has also been president of PayPal and a member of the board of Coinbase in the past.
Together, these facts quickly led many to speculate that Facebook is developing an encrypted payment product. Now, this suspicion is gaining strength due to the fact that many other PayPal executives have joined the blockchain division of Facebook. All this suggests that a payment platform linked to the blockchain is coming.
"They were very quiet … but it's definitely a sort of cryptocurrency payment based on blockchain", reports Heath in another video, adding that probably this will result in the creation of a cryptocurrency by Facebook and maybe 39, purchase of startups or "Dig" the ICO.
Suggested reading : Find out what we think of Coinbase.
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
Heath also reports that Facebook has difficulty recruiting talent; this has become a big problem in the wake of disputes over the management of private data by the company. Nevertheless, Facebook's incursion into the cryptocurrency will undoubtedly be monumental when the company's blockchain group finally releases a product.
PayPal Execs Moving Into Crypto
The fact that Facebook is chasing former PayPal employees is also part of a broader trend: PayPal has become a relentless factory of former executives who are entering the encrypted world. In addition to Facebook's blockchain division, at least three other blockchain projects from last year have ties to ex-PayPal executives.
In April, two PayPal executives launched an encryption platform called Libra Pay. In September, the 0x protocol collaborated with a startup led by COO David Sacks. More recently, former PayPal executive Tyson Hackwood joined Crypto.com to work on a payment platform.
PayPal is also using the power of the blockchain. Last week, it was revealed that PayPal uses a blockchain to execute its internal employee incentive program. Although the company is not planning to provide any encrypted service to the public, PayPal is however rapidly becoming adjacent to the blockchain world.
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