Facebook Has Quietly Set Up A Blockchain Division

Ignacio Smith
May 10, 2018

Some of the long term Facebook executives have been given new responsibilities, including an effort to tackle the challenges from blockchain technology.

Outside of confirming the staffing changes - and a comment from Zuckerberg earlier this year about looking into the technology - Facebook hasn't said exactly how blockchain would be used in the company and the team was described as "exploratory."

Facebook head of Messenger is quitting his role to look into how Facebook Inc can leverage Blockchain tech. David Marcus will head this division.

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CEO Brian Armstrong celebrated Marcus' "knowledge of both the payments and mobile space" at the time. Originally introduced as the decentralized digital ledger underpinning cryptocurrencies such as Bitcoin, blockchain technology is attracting a considerable amount of interest at the moment.

Chris Cox, a longtime member of Zuckerberg's inner circle, was put in charge of Facebook's core application as well as smartphone services Instagram, WhatsApp, and Messenger, the California-based company confirmed on Tuesday. In December, he joined the Coinbase board of directors.

"Adam Mosseri, the Facebook product executive who runs News Feed, is headed over to Instagram to become the company's new VP of product", the report claimed.

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David has been leading the Messenger for four years straight now and has now chose to take up a new challenge.

The social networking giant is undergoing a huge restructuring, switching up its executives and rearranging the company into three core product areas.

A self proclaimed "cryptogeek" with a knack for startups, Marcus's blockchain group could produce Facebook's answer to the cryptocurrency craze and create a new coin for the social network's more than one billion users. The broad Facebook restructuring has also seen several other high ranking executives assuming different roles at Facebook. So now Stan Chudnovsky, the product chief of Messenger, will take David Marcus' place. He added: "But they come with the risk of being harder to control".

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It wasn't long, however, until Facebook announced its plans to ban all cryptocurrency-related advertisements, stating "there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith". "I'm interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services", he wrote.

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