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Breaking: Facebook Crypto Project Acquires Blockchain Startup Specializing in Smart Contracts

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Facebook’s secretive crypto department has reportedly made its first acquisition, quietly onboarding lots of the analysis group from a blockchain startup that makes a speciality of sensible contract construction.

Facebook Acqui-hires Chainspace Researchers

Citing unnamed assets, monetary information outlet Cheddar reports that Facebook received Chainspace, a blockchain company based by way of University College London researchers.

The Chainspace website describes its challenge as “a planetary scale smart contracts platform” that makes use of a “distributed web of blockchains for scalability, speed and privacy.”

A banner on the most sensible of the web page reads:

“We’re excited to announce that the team is moving on to something new. Chainspace code and documentation will still be open source, and all previously published academic work remains available.”

Quoted within the document, a Facebook spokesperson showed that former Chainspace staff are running in its blockchain department however used to be mum on just about the entirety else:

“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.”

According to Cheddar, the acquisition used to be an “acqui-hire,” suggesting that Facebook used to be extra keen on Chainspace’s analysis group than its era, and the corporate spokesperson reportedly denied that it had received Chainspace tech.

Facebook May Be Creating WhatsApp Cryptocurrency

whatsapp crypto facebook

Facebook’s cryptocurrency may well be built-in into WhatsApp, assets have stated. | Source: Shutterstock

As CCN reported, Facebook has been running on a blockchain and/or cryptocurrency challenge for a while now. The corporate has been tight-lipped about what shape this challenge will take, however assets have stated that it’ll most probably take the type of a fiat-backed “stablecoin” built-in into chat platform WhatsApp.

The social media massive has “aggressively” employed blockchain builders and these days has round 40 staff running on its crypto challenge. David Marcus, the previous head of Messenger and a former Coinbase board member, is leading the initiative.

Earlier, Facebook CEO Mark Zuckerberg committed to creating researching cryptocurrency one in all his private demanding situations for 2018.

This tale is breaking…Check again for updates.

Featured Image from REUTERS / Dado Ruvic / Illustration / File Photo

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