Facebook hires researchers from London-based blockchain startup
Facebook, the social networking giant, has hired a team of London researchers working behind a blockchain startup. A report from Cheddar states that the tech giant has hired a team of researchers behind Chainspace, a blockchain startup founded by the University of London. Chainspace is involved in creating smart contracts to facilitate payments over blockchain.
The report states that some researchers from Chainspace who contributed to the company’s academic white paper have joined Facebook. Two of the researchers, Alberto Sonnino and George Danezis have already changed their LinkedIn profile to read blockchain researchers at Facebook’s London office.
Chainspace will now end all operations as Facebook has hired a majority of its employees. However, the tech firm is not planning to acquire any of Chainspace’s technology. “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,” said Facebook spokesperson in an earlier statement.
It is not clear how much the tech giant spend on the acqui-hire. The report indicates that Chainspace was in the middle of raising an initial round of funding. Chainspace backers include Lemniscap and MW partners.
Facebook appointed ex-PayPal president, David Marcus to lead its blockchain arm last year. Reports from last year suggest that the tech firm is exploring the creation of its own cryptocurrency to facilitate its 1.74 billion users to transact in cryptocurrencies. The company is concentrating on payments via blockchain which justifies the appointment of the ex-PayPal president to spearhead the company’s blockchain operations.
Recent reports cite that the company is also considering to create a cryptocurrency that will facilitate transfers over Whatsapp, the messaging app. Whatsapp is considered as Facebook’s largest acquisition.
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