The social giant, Facebook is going through rough times, but it has not stopped them from moving on. According to latest reports, Facebook has decided to go into the cryptocurency business by investing in the blockchain so as to keep Facebook relevant.
The recent scandal with Cambridge Analytica has made the social giant, Facebook to change its way of thinking on user privacy and to be more clear and easy about its use of the data it collects.
Moreover, an unusual announcement was made by Facebook itself, in which the social giant stated that it is ivesting in a Blockchain-based solution development team, but the purpose of the project is not yet known to the public.
David Marcus, a former member of the Messenger team, confirmed his departure from the Messenger team with a post on Facebook and the creation of small group dedicated to finding solutions based on the potential of Blockchain technology for Facebook.
David Marcus has not given much details on the supposed work that he will do with his new team, saying that they will study Blockchain from scratch so that they can use this important technology for Facebook.
David Marcus is no novice in these financial issues related to money transfers despite being connected to Facebook’s Messenger since 2014, with the addition of the P2P payments in Messenger itself.
David Marcus was the President of PayPal and CEO of Zong, a company dedicated to mobile payments. However, his experience in this sector does not fully conclude the fact that Facebook will not create a crypto coin but it also doesn’t mean that Facebook will launch any crypto coin of its own.
Blockchain technology has become one of the latest trends in this current time due to crypto-coins, especially, Bicoin, but its potential is beyond the human thinking. Supported by many, the Blockchain goes from crypto-coins to the creation of real ecosystema online.
Reports suggest that both James Everingham and Kevin Weil from Instagram will also join David Marcus in this new powerful attack of Facebook to one of the world’s leading technology.