Facebook’s blockchain strategy

Analyst predicts Facebook’s FaceCoin could earn up to $19 billion by 2021

Facebook is on a hiring blockchain spree. The company has started forming a blockchain group in mid-2018, and now has over 40 “blockchain” employees. Facebook was rumoured to be launching its very own digital coin.

David Marcus, who was a President at Paypal and a Board Member in Coinbase, has joined Facebook in the blockchain exploration business strategy since May 2018. Prior to that, he VP of Messenger.

Facebook’s blockchain team also includes some prominent tech gurus, including several former directors at PayPal.

According to CCN, Facebook is probably exploring options for providing blockchain-based payment methods for its 2-billion user base. While there are no specific details as of right now, the blockchain team has been working on a strategy on how to implement such a solution. In addition, Facebook may be exploring creating its own digital coin, so that users do not have to use traditional banking services to make FB-related transactions.

Reportedly, Facebook is having a hard time in its hiring efforts, since the industry is so young and the top talent so scarce. There is also a bit of a controversy when it comes to the idea of Facebook and blockchain “marriage”. People who usually get into blockchain are the ones who believe in decentralization and privacy. Facebook has been facing harsh criticism over selling users’ data to third parties for profit, something that FB’s CEO, Mark Zuckerberg, has apologized for and stressed the importance of user privacy as a top priority for his company.

It is not yet clear what Facebook is up to in the blockchain game, but one thing is sure: the company is looking to hire the best and brightest in the industry.

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