Home Cryptocurrency One thing's Brewing at Fb's Cryptocurrency Division

One thing's Brewing at Fb's Cryptocurrency Division

5 min read


It’s not fully clear what precisely is occurring in Fb’s nascent cryptocurrency division, however a number of stories counsel that one thing is afoot.

Fb Meets with Cryptocurrency Mission Stellar

The primary comes from Business Insider, who stories that Fb’s blockchain analysis group lately met with Stellar to debate how the social media conglomerate may leverage distributed ledger know-how (DLT) because it explores probably constructing out a funds community.

In response to unnamed sources, the 2 events mentioned how Fb may fork the general public Stellar blockchain, a lot as chat app Kik did after it determined to create an independent blockchain for its Kin cryptocurrency moderately than piggyback on the primary Stellar community. The duty pressure can also be stated to have met with different unnamed cryptocurrency tasks.

The publication additionally stories that Fb has quickly been increasing its blockchain division. One job posting stated that the endeavor “is a startup inside Fb, with a imaginative and prescient to make blockchain know-how work at Fb scale and enhance the lives of billions of individuals all over the world.”

Fb’s Crypto Lead Steps Down from Coinbase Board

Additional stoking the coals of the rumor mill is the announcement, first reported by CoinDesk, that David Marcus, a Fb vice chairman and the previous head of its Messenger division, has stepped down from his put up on Coinbase’s board of administrators, a job he initially took on on the cryptocurrency trade big final December.

Marcus, as CCN reported, left his position at Messenger in Could to steer Fb’s blockchain division, the place he stories on to Fb CTO Mike Schroepfer.

facebook cryptocurrency david marcus speculation
Supply: Twitter

A Coinbase spokesperson advised the publication that Marcus had stepped all the way down to keep away from the looks of a battle of curiosity, resulting in hypothesis that Fb is making ready to make a serious announcement relating to its cryptocurrency plans.

Earlier this yr, monetary information outlet Cheddar reported that a number of sources had stated that Fb is “particularly occupied with creating its personal digital token, which might permit its greater than two billion customers to facilitate transactions with out government-backed foreign money.”

Cryptocurrency has additionally been on the thoughts of Fb CEO Mark Zuckerberg, who said that one in all his private challenges for 2018 is to be taught extra about applied sciences “like encryption and cryptocurrency.”

Featured Picture from Shutterstock

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