Facebook Is Pivoting To The Blockchain

Rosemary Collier
May 10, 2018

Back in January, Facebook CEO Mark Zuckerberg said that decentralized systems - like cryptocurrency - could take power away from the centralized system and place it back in the hands of users.

Report from Recode states that David Marcus will be letting go of his leadership role at Messenger to lead a new Facebook team concentrated on blockchain technology. Marcus was previously in charge of Facebook Messenger and he's leaving that post to look after the affairs of the new blockchain division.

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David Marcus, head of Facebook Messenger, issued a statement on the social media platform advising of his intentions to explore the use of blockchain across Facebook. Recode notes that, as the former President of PayPal, Marcus has lots of experience with payments. Beyond that, details regarding the company's foray into blockchain aren't entirely clear-so don't get your hopes up for a Facebook cryptocurrency just yet. It should not be surprising news, then, that the corporation is rolling out a new research team tasked with diving into the realities of blockchain technology.

Marcus has been leading the Messenger team for four years, but joined cryptocurrency exchange Coinbase's board of directors in December 2017.

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But its clear that the US -based social network remains interested in the technology behind the currencies, even if it may never let users transact with bitcoin on the website.

Whether these changes will result in a dramatic shift in Facebook's policies will remain to be seen, as will any improvements the new structure brings to internal communication. The company has divided itself into a number of divisions: "central product services", "family of apps" group and "new platforma and infra". Chudnovsky will be supervised by Chris Cox, chief product officer. "After four fantastic years leading Messenger, I'm going to setup a small group to explore how to best leverage Blockchain for Facebook", Marcus said in his tweet. As expected Mark Zuckerberg remains the man in charge as the Facebook CEO people who are going to report on various Facebook products and services have been moved around. That move comes as the second of WhatsApp co-founders, Jan Koum informed Facebook last week that he was following his former co-founder and stepping down from his role. At first, the team will have fewer than a dozen people, but it'll include key Instagram executives, Instagram's VP of Engineering, James Everingham, and Instagram's VP of Product, Kevin Weil.

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