Facebook acquires its first blockchain startup

Startups • February 4, 2019, 3:47PM EST
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Facebook has acquired Chainspace, a smart contract development platform, according to Cheddar. This move was an acqui-hire in which four of the five researchers behind the Chainspace white paper will join Facebook's blockchain team. A Facebook spokesperson tells Cheddar that the company "had hired employees from Chainspace" but "isn’t acquiring any of Chainspace’s technology." 

As The Block previously reported, Facebook has recently been ramping up its blockchain-related hires. In May 2018, the social media giant announced that it had formed a blockchain team led by David Marcus, the former president of PayPal, and Kevin Weil, former product head at Twitter and Instagram. In December, Bloomberg reported that Facebook was in the process of developing a stablecoin for its Indian WhatsApp users.

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Steven Zheng profile picture Steven Zheng

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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