In the month of May, it was reported that Facebook quietly developed a blockchain team. From that time, the company has been seeking for the finest talent in the organization. No one is aware of the company’s plan to focus on the blockchain. However, according to the rumors, Facebook could release its own cryptocurrency. If these rumors become realistic, Facebook could probably become the world’s largest currency reservoir with more than two billion active users per month. But it is going to be a tough job to be managed as Facebook has been struggling to hire new experts in blockchain because of the current arguments.
Cheddar reported that in the past few months, Facebook has attempted to hire more employees forming the current blockchain team of 40 members.
According to the reports, for the search and recruitment of blockchain experts, Facebook assigns its team staff to attend cryptocurrency conferences across the globe. During one of the attended conferences, Facebook’s employees were noticed raising the idea of creating a blockchain-based digital currency for its users.
However, it is mentioned in a job posting on Facebook that the blockchain team is a startup for the company with an idea to utilize blockchain technology function at Facebook level. In the past few months, several such jobs have been posted on Facebook’s careers site.
David Marcus—currently the blockchain team leader and earlier was the VP of Messenger along with the PayPal’s former president. He also revealed through his personal post on Facebook that he would be creating a small group within Facebook to closely analyze the power of Blockchain throughout Facebook.
This is the not the first time of Facebook to be planning to disturb the fiat currency market. Earlier also, Facebook had already attempted to enter the cryptocurrency market by launching its digital currency with the name of “Credits”.