Facebook blockchain arm, also in the middle of the encrypted bear market


Just a few months ago, David Marcus, former president of the giant fintech Paypal, was named the inaugural head of Facebook Blockchain, the first attack by the social media giant to the so-called "Internet 3.0" innovation. But since Marcus's appointment, many have been perplexed, because Facebook's blockchain division has apparently disappeared from the face of Planet Earth. In a testament to this confusion, the company based in Menlo Park has only fleeting reference to its newfangled branch, particularly through the never-ending flow of Facebook job opportunities posted via LinkedIn.

Yet, an exclusive report by Cheddar, a new commercial media outlet, has revealed that Facebook's "small" blockchain consortium has strengthened its defenses behind closed doors. Citing those familiar with the matter, Alex Heath and Tanaya Macheel explained that nearly 40 employees, made up of blockchain developers and former members of the best Paypal expert, now work within the walls of the little-known program. In the piece illustrated by Cheddar, it was also disclosed that two former key members pertaining to the Instagram project jumped on the blockchain bandwagon.

And the social media powerhouse does not seem ready to pause its blockchain efforts, despite the Bitcoin market roadway. Reportedly, Facebook has sent representatives around the world looking for potential team members during cryptographic events. Such efforts to find talents were not considered sufficient, however, recruiters and Facebook Blockchain personnel have also reached cryptocurrency projects in an attempt to deceive promising employees.

Related reading: Crypto markets may be in a route, but the Blockchain labor market is in full swing

Pomp Bets Facebook "Builds the most used Crypto product"

But while Facebook evidently means business, not much is known about the internal mechanisms of the blockchain and long-term ambitions. Cryptography commentators have speculated that Facebook might try to put relevant segments of its social media platform on centralized (de) centralized technology, while others have suggested that a digital identity platform is being developed.

However, at a private meeting hosted by Facebook, participants told Cheddar that the company intends to launch a "decentralized digital currency" that would go to its broad user base. And, interestingly, while the second floor seems the most ambitious, most reports have almost verified that a token could be under development in the new department of Facebook. Speaking of a cryptocurrency or a digital resource supported by Facebook, explaining why such a venture is logical, Drew Hinkes of New York University told Cheddar:

"They have a massive user base installed … They're probably looking at China and they're seeing how popular mobile commerce is and wondering why we can not do it."

Regardless of this, regardless of the form of Facebook's first cryptography or blockchain offerings, many are confident that it could turn this industry into the lead. Morgan Creek's digital partner Anthony Pompliano, known all over Twitter for his hatred of the banks and the defense of cryptocurrencies, recently "bet" on the fact that the American American juggernaut will build the "most used crypt product".

Related reading: Morgan Creek Digital makes a $ 1 million "Buffett Bet 2.0" Crypto bet

Although this should not be exactly surprising, especially considering the former role of Pompliano on Facebook and the global influence of the company, his comments were very baffled, since Facebook accentuates the hallmarks of centralization in the eyes of the cynics.

He is not the only corporate player on Blockchain Block

Facebook is not, in any way, the only multinational institution to promote its incursion into blockchain technologies. As reported by NewsBTC, Paypal, the widely used payment network, has recently launched an internal initiative focused on corporate brand cryptographic activities. This system, which some have jokingly nicknamed "PaypalCoin", allows employees to collect, exchange and exchange tokens for prizes, nicknamed "experiences", which include martial arts classes with Paypal CEO Dan Schulman.

Although this system has probably been implemented in a fun way, the fact is that if Paypal finds value in cryptocurrencies, the company can seriously consider distributing the products that surround this asset class in due course.

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