News Facebook buys blockchain firm Chainspace – FinTech Futures

Facebook buys blockchain firm Chainspace – FinTech Futures

-

- Advertisment -

Facebook has made its first acquisition in the blockchain space, hiring the team behind Chainspace, hinting at an increasing interest in the payments market.

Facebook buys blockchain firm Chainspace – FinTech Futures

Chainspace employees are now chained to Facebook’s labour

The acquisition is according to sources that spoke to Cheddar.

Chainspace is a blockchain start-up specialised in smart contracts and was founded by researchers from University College London.

Long-time Facebook executive and former PayPal president David Marcus was tasked with leading Facebook’s blockchain group earlier last year.

The researchers behind Chainspace were also looking at how blockchain and decentralisation could be applied to areas outside of payments, like polling.

Alberto Sonnino and George Danezis, Chainspace employees, already list their employment as blockchain researchers in Facebook’s London office on LinkedIn.

Rumours have been going around about Facebook’s intention to create its own cryptocurrency, which was later reported to take the form of a stablecoin, or cryptocurrency backed by a fiat currency, in WhatsApp, as reported by Bloomberg.

Chainspace was in the process of raising an initial round of funding of under $4 million, Cheddar reports. Early backers of Chainspace include Lemniscap and MW Partners.

Facebook has also held talks with Algorand, a blockchain-based payments platform, which has raised about $66 million to date.

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -Facebook buys blockchain firm Chainspace – FinTech Futures

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -Facebook buys blockchain firm Chainspace – FinTech FuturesFacebook buys blockchain firm Chainspace – FinTech Futures

You might also likeRELATED
Recommended to you