Facebook acquired blockchain startup to accelerate their crypto development

February 05, 2019
Chris Wheal

According to the sources close to the Facebook management team, the tech corporation accelerates its cryptocurrency project. Just now, they have reportedly acquired Chainspace, a blockchain firm founded by University College London researchers. The source also cited that Facebook was actually more interested in the research team of the company rather than in the technology itself.

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According to the Chainspace official website, their project is a smart contracts platform able to develop on “a planetary scale.” They have also stated it uses a “distributed web of blockchains for stability, speed and privacy.” The website further reads that Chainspace team “is moving onto something new,” but their code, technology and platform “will still be open source.”

Facebook spokesperson has confirmed that former Chainspace employees are now working in its blockchain division. However, there were no other details made immediately available. The spokesperson just cited that Facebook, like any other company, is interested in the potential of blockchain, however, at this point, they “don’t have anything further to share.”

Previously, internal sources have confirmed Facebook is developing their own cryptocurrency for the chat app, WhatsApp. It’s expected to be a stablecoin, pegged to U.S. dollar. Experts say that with almost 3 billion users worldwide, once the Facebook coin is released, it will move cryptocurrency miles ahead towards the mainstream adoption.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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