Facebook Moves Closer to ‘FaceCoin’ Acquiring Its First Blockchain Startup

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Facebook Moves Closer to ‘FaceCoin’ Acquiring Its First Blockchain Startup

Social media mogul Facebook has made an advance in its blockchain effort by hiring a blockchain startup specializing in smart contracts and facilitating payments. 


Facebook ‘Acqui-Hires’ Chainspace

According to financial media Cheddar, Facebook has hired a small blockchain company called Chainspace.

In Silicon Valley, this move is referred to as an “acqui-hire” and according to the report, four of the five researchers behind the academic white paper of Chainspace are joining the social media giant.

Sources familiar with the matter have told Cheddar that the startup will be shutting down as Facebook has hired most of its current employees.

A spokesperson from Facebook has also reportedly confirmed the move, referring to a previous statement of the company:

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.

A Step Closer to ‘Facecoin’?

In May last year, Bitcoinist reported that the company is purportedly ‘very serious’ about creating its own cryptocurrency in order to allow its billions of users to make electronic payments.

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