Facebook made its first acquisition in the blockchain field, this is reported by Cheddar. Without any announcements, the team of a small startup Chainspace, founded by researchers from University College London, came under its control. According to the description, Chainspace is creating a decentralized system of smart contracts for making payments and other operations in the blockchain. According to whitepaper, team is going to create "distributed ledger platform for high-integrity and transparent processing of transactions within a decentralized system.”
As reported, the acquisition of the Chainspace team is by far the most vivid evidence of Facebook’s intention to become a major player in the field of emerging technology
Sources said that four of the five authors of white paper Chainspace will become members of the blockchain group on Facebook. Two of them have already indicated the London social network office as their current job.
Recently on the site Chainspace appeared information that the project is going to do something new. According to sources, the project will be eliminated, since most of its employees now work on Facebook. How the social network will pay off with a startup is unknown. Sources say that before this Chainspace was in the process of collecting primary funding and was guided by an amount not exceeding $ 4 million.
A spokesman for Facebook confirmed the hiring of members of the Chainspace team, but declined to elaborate. He also noted that the company does not plan to acquire the startup technology, and cited a earlier official statement.
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.
Currently, the blockchain division of Facebook, presumably, has more than 40 employees. At the end of last year, it became known that the company could develop a steeblecoin for making transfers in the WhatsApp messenger.