Facebook is expanding its blockchain wing and is developing its own cryptocurrency, reports Cheddar.
Facebook in cryptoindustry
The relationship of Facebook to cryptocurrency has always been mixed. The company began 2018 with a ban on all cryptocurrency advertising, and in April, a blockchain division of Facebook was created, headed by former PayPal president David Marcus.
Details about the project
The Facebook blockchain team has 40 employees, of whom 6 have previously worked at PayPal. A possible Facebook cryptocurrency project is aimed exclusively at users of company services. Facebook account holders can make transactions among themselves without the help of any intermediaries.
According to Cheddar, the company has recently recruited many specialists in product development, product management and law. Perhaps in this way Facebook is trying to regain the trust of users lost as a result of the scandal associated with Cambridge Analytica. Users, as well as employees of the company, express concern about the collection and dissemination of their personal data. The scandal was a strong blow to Facebook, but it seems that the giant is not going to give up and plans the next move.