Facebook is secretly hiring blockchain and cryptocurrency specialists which suggest that the social media giant might bring its crypto product in the market in near future. Rumors also suggest that the company is planning to move into the industry within the next year or two.
Earlier in May 2018, Facebook made an announcement for creating a blockchain unit through which it can investigate different ways that would help in leveraging the technology for its benefit in the future. David Marcus, Paypal’s former president, VP at Messenger products and former board member of US-based cryptocurrency exchange ‘Coinbase’ before moving across to lead this experimental blockchain group.
Facebook, just after the formation of experimental blockchain group has been secretly recruiting skilled and experienced candidates for the division. Now depending upon the role descriptions and statements which the company has given in the past few months we can draw a few conclusions about its future outcome.
The company under blockchain related job listings mentioned: “The blockchain team is a startup within Facebook with a vision to make blockchain technology work at Facebook scale and improve the lives of billions of people around the world.” “Our ultimate goal is to help billions of people with access to things they don’t have now – that could be things like equitable financial services, new ways to save, or new ways to share information.”
From a team of 12, the size of Facebook’s blockchain division has grown to 40 employees. The division also includes half-dozen ex-PayPal executives which Marcus has managed to secure from his former employer. Now, the increasing size of the team is not only indicating Facebook’s commitment towards blockchain technology but also hinting about what the team may be up to.
The team formed so far includes data scientists, ex-Paypal executives, software engineers, a marketing lead, and data engineers long with a number of developers from Samsung and Google. With the team of engineering, financial, and data focused experienced employees, it looks like Facebook is intended towards bringing cryptocurrency to the mainstream.
With Facebook already receiving over 2 Billion monthly users on its platform, integrating a currency within the platform could overcome the two major issues which the cryptocurrency has been facing over the years i.e. its adoption and usage. With the cryptocurrency market experiencing a high time decline, the recent move from the tech giant indicates that the technology in which it is investing right now will not go anywhere over the next few decades.