Facebook Taking Blockchain Technology Seriously?

Blockchain, News

David Marcus, former head of Facebook Messenger, has chosen to change his role in the company— Marcus will be abandoning the Messenger app and will soon be the head of Facebook’s newly created blockchain department. This comes just months after Mark Zuckerberg expressed his interest in the topic, although Marcus’s announcement to work on the blockchain does not necessarily mean that Facebook will start openly incorporating cryptocurrency. It is entirely possible that Marcus and others will decide that blockchain technology would be best as a behind-the-scenes feature of Facebook, rather than in the public eye.

The blockchain team will begin with less than a dozen people, with well-known figures including James Everingham and Kevin Weil, both of whom had high profile positions on Instagram’s team. The creation of this blockchain department is happening during a company-wide reshuffle, the biggest that Facebook has ever endured. The Messenger team will now be joining the ‘Family of Apps’ department (which also houses WhatsApp and Instagram) with Chris Cox (Cheif Product Officier) taking control over them, leaving Stan Chudnovsky to manage Messenger from now on.

While Facebook has never outrightly incorporated blockchain products into its business model, this isn’t the first time that they have dealt with cryptocurrency— the business is currently engaging in a site-wide ban on ICOs. It would also appear that Cambridge Analytica, the notorious company who used Facebook’s products for their own gain, was also planning to launch their coin before they closed their offices.

One of the major reasons people are excited about Marcus moving to a blockchain team is due to his track record. Before handling Messenger, he was the president of PayPal. He is also known to think somewhat outside-the-box, for instance, the decision to create a separate app for Messenger rather than keep it locked in Facebook’s main app was made within just the first month of his position. Perhaps most exciting of all, Marcus is currently on Coinbase’s Board of Directors.

While it is unclear what, exactly, Facebook have planned regarding blockchain technology, it is entirely possible that such a large organization entering the industry could provide some much-needed stability in the markets, or perhaps even increase the overall market cap. As Facebook’s blockchain department is in its infancy, it may take a few months before we get to see what work the team have been focused on.

Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.

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