Facebook Launches Blockchain Research Unit

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Facebook Blockchain Team – David Marcus

Facebook has reorganised roles for its top executives and has created a new team for blockchain research. The team will be led by David Marcus who was formerly Vice President for Messenger and before then was a President at PayPal.

In a Facebook post on Tuesday, David Marcus wrote

“After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge. I’m setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch,”

The blockchain research team will initially have fewer than a dozen people and has pulled engineering and product members from the company’s Instagram unit – notably Instagram’s VP of Engineering, James Everingham, and Instagram’s VP of Product, Kevin Weil. Stan Chudnovsky, the head of product at Messenger will take over from David Marcus.

Facebook hasn’t made it clear or public what this new team would be working on but last year David Marcus said Messenger was open to the idea of supporting crypto payments when all the issues are solved. This move is particularly noteworthy because as an ex-paypal President, David Marcus has years of expertise in the payments scene and has led Facebook’s messenger efforts since 2014. Marcus is also on the board of cryptocurrency exchange, Coinbase.

Whatever Facebook launches(or doesn’t launch) with blockchain technology will be of note as its apps and services have become a major tool for communication, commerce and content consumption on the Internet.

ALSO READ: WHAT IS BLOCKCHAIN?