This is Cindy from Crypto Pig and today we have some pretty exciting updates to give you regarding Facebook and blockchain technology. Now Facebook the social media network giant has reportedly acquired chain space a small blockchain startup founded initially by researchers from the University of College London.
Facebook And blockchain
The startup was building decentralized smart contract systems that could undergo payment and other services by using their blockchain network it's big news for the social media networking giant and it's the first box and related acquisition for Facebook now according to cheddar.
Facebook has been in the blockchain and crypto space for over a year now recode reported last year in May 2018 the Facebook has assembled a block team with David Marcus the previous head of facebook messenger jumping over to take charge and lead the new blockchain team.
Facebook undergoing a major internal
Instagrams VP of engineering James Everingham and VP of Product Kevin well are also part of the new blockchain unit the addition of the new brockton team led to Facebook undergoing a major internal reorganization within the company with many old faces in new roles while the block team is relatively new over 40 people are working in Facebook's box in division.
Facebook is acquiring the chain space
So it's not as if Facebook has a doubled in the blockchain space before it's just that Facebook has never acquired a box chain related startup in this circumstance Facebook is acquiring the chain space team but not chain spaces technology according to a spokesperson, 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 it's unclear how much Facebook paid to acquire chain space chain space was however in the process of raising four million dollars luminous cap and M W partners were early backers of chain space so Facebook's decision to acquire.