Facebook is digging into the blockchain. After the creation of a dedicated division last May, Mark Zuckerberg’s firm hired 40 former PayPal employees to work on the subject. The FaceCoin could well be in the boxes of the group.
Facebook wants to position itself in the field of blockchain. This is why the group has hired no less than 40 former PayPal members to work on the subject.
A Facebook crypto is emerging
The number one in social networks is thus stepping up its efforts to enter the world of cryptography and blockchain technologies in order to develop a possible new economic model.
According to a report from Cheddar, Facebook has quietly but resolutely focused on research and development related to blockchain technologies and is considering creating its own cryptocurrency.
Facebook created its blockchain division last May, appointing David Marcus as its head.
Prior to serving as Vice President of Facebook Messenger, he was President of PayPal and a member of the Board of Directors of Coinbase.
A crypto to serve a new business model
This testifies to Facebook’s ambitions in the field of blockchain and cryptocurrencies.
The hiring of new ex-PayPal executives, who have joined Facebook’s blockchain division, only reinforces the idea that the group is on the verge of releasing a blockchain-backed service. It could be a question of a payment platform.
This is because Facebook could create a cryptocurrency wallet with its own token that users would use to pay for purchases with partner companies or discovered through Facebook ads.
PayPal has also taken to the blockchain by storm, launching an internal employee incentive program.