Media: Facebook acquired its first blockchain startup

Facebook made its first acquisition in the blockchain space, writes the Cheddar portal. Without any announcements, he took control of the team of a small startup Chainspace, founded by researchers from University College London. According to the description, Chainspace is creating a decentralized system of smart contracts for making payments and other transactions on the blockchain. The white paper of the project states that it is developing “a platform based on distributed ledger technology for highly reliable and transparent transaction processing in decentralized systems.”.

“The acquisition of the Chainspace team is the clearest indication to date of Facebook’s commitment to becoming a major player in the nascent technology space,” notes Cheddar.

Sources familiar with the situation said that four out of five authors of the white paper Chainspace will become members of the Facebook blockchain group. Two of them have already indicated the London office of the social network as their current place of work..

Recently, the Chainspace website reported that the project is “going to do something new.” According to sources, the project will be liquidated as most of its employees now work for Facebook. How the social network will pay off the startup is unknown. Sources claim that before that Chainspace was in the process of collecting primary funding and was guided by an amount not exceeding $ 4 million..

A Facebook spokesperson confirmed the hiring of Chainspace team members but declined to go into details. He also noted that the company does not plan to acquire the technology of the startup, and referred to an earlier official statement: “Like many other companies, Facebook is considering the possibilities of using blockchain. Our new small team is exploring various use cases for the technology. So far we have nothing more to share “.

Facebook’s blockchain division is believed to have over 40 employees at the moment. At the end of last year, it became known that the company may develop a stablecoin for making transfers in the WhatsApp messenger.

Similar articles

• The official announcement of the Facebook stablecoin may…

  The official announcement of the Facebook stablecoin may take place in the third quarter Social network Facebook may announce the stablecoin, the development of which,…

• Grayscale will host the first US public…

  Grayscale to Host First US Public Listing of Bitcoin Cash and Litecoin Stocks Digital Asset Management Company Grayscale Investments…

• The first purchase of a tangible item was made…

  The first purchase of a tangible product using the Lighting Network technology was made The first purchase of a tangible product using…