According to the tech website Cheddar and the Reuters, reports have been recently revealed that the Facebook is on its serious page to form its own Blockchain team, which has also flared up the launch of its own cryptocurrency.
Facebook is known to hold over two billion users around the world and with the launch of its own cryptocurrency, it will be easily accessible for the payments, using the virtual currency like that of Bitcoin.
David Marcus, executive-in-charge of Facebook Messenger quoted in the favor, “I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch.”
The Facebook clan has also revealed that akin to the varied companies today, Facebook has also made a decision to rope in the clout of the Blockchain technology with its new small team working efficiently over discovering its various applications.
On the other hand, according to the market research firm International Data Corporation(IDC), the exhaustive Blockchain solutions is estimated to score its worth up to $2.1 billion in 2018, which marks almost two folds of $945 million that was coughed out in 2017.
Recode was witnessed announcing that the Facebook has been planning to forge a new team for its Blockchain Technology, following which Marcus was notably quitting his post in order to watch over the Blockchain group.
Its Blockchain team is reported to fall under the brand new stage and infra, which shall be administered by Chief Technology Officer (CTO) Mike Schroepfer, who is also known to plunge into the initiatives regarding Facebook’s AR, VR, and Artificial Intelligence.
Despite being Enmeshed in a huge data cleft, Facebook has pushed out a grand accomplishment at a senior management level, since its dawn, including the famous applications like Whatsapp, Instagram, and Messenger, thus, now is popularly known as “family of apps”.