A while back we reported that Facebook was hiring new blockchain developers to ramp up their blockchain division. Now, there’s more news coming from Facebook regarding that. More of an update, the company was successfully able to onboard 40 new hires for their blockchain division, which shows big signs of them doing something with blockchain technology soon.
Let’s dive back a bit
In April 2018, Facebook launched a blockchain unit with the PayPal’s former president and the vice president of messenger, David Marcus. The new hires includes
- Six ex-Paypal executives that left the payment giant with Marcus.
- Former Samsung Pay developers
- Former Google Play developers.
Getting the right talent isn’t going to be easy and it may require poaching people from other blockchain-based companies. This will cost the company a lot.
David Marcus, the head of the blockchain division at Facebook commented saying:
I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch … However, it seems that the potential offered by blockchain technologies is greater than what the Facebook team expected, and since that time, more than 40 new members have joined the division among which stands out an important group of “former PayPal execs.
However, Facebook has kept the research and work of this team as secretive as possible.
The bigger picture
Even though everything is still relatively secretive, there are theories as to what these 40 new hires will be working on within the company.
With over 2 Billion active monthly users, Facebook cannot ignore the fact that such a user base can use a native cryptocurrency for the following purposes:
- Pay for subscriptions on the social media platform
- Pay for ads not to be displayed on their news feed
- Rewarding users for CPU usage (mining)
- Tipping rather than just liking posts
- Paying business ads on the platform
- Expanding its already existing marketplace to allow it to transcend international borders
- Launching a crypto wallet with exchange services
- Micropayments fused with cross-border transactions
It’s important to note that since most of these new 40 hires are former developers that worked in the payment solution space for Google/Samsung that they might very well be working on a new blockchain payment solution on Facebook’s social platform.
While its still a bit too early to tell what’s going on, it is still an exciting moment and will be interesting to see what moves Facebook makes towards the blockchain industry.