Facebook Hires Team from Chainspace To Focus on Blockchain Technology

By Nitish Singh / February 5, 2019

Facebook is looking to expand its investment in blockchain technology with four key individuals behind Chainspace joining the company. The move was first revealed with Chainspace talking about their team "moving on to something new." Chainspace is a decentralized application platform, but development is still in its early stages. The startup managed to raise approximately $3 million and was backed by companies like KR1, MW Partners and Lemniscap.

Chainspace co-founders George Danezis, Shehar Bano and Alberto Sonnino, are now listed as "Blockchain researcher" at Facebook. This is not the first time that Facebook has shown interest in blockchain technology. The company made its first big move in May 2018 with Messenger Lead David Marcus being reallocated to a new group to explore blockchain opportunities. It is only Chainspace talent that Facebook is hiring, and all documentation and resources will continue to be available at the startup. All academic work will also continue to be available.

The social media company has officially confirmed the news about the recent acquisition with a spokesperson revealing “Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”

With reports of Facebook working on its new cryptocurrency surfacing towards the end of last year and Chainspace co-founders joining the company, the social media giant is serious about its focus on the blockchain. The upcoming cryptocurrency will be backed by the US dollar to ensure value in stability according to sources. The social media company is likely to make more acquisitions with the current blockchain team consisting of over 40 people with more expansions in the pipeline.

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