Zuckerberg Onboards Crypto Startup for Secret Facebook Cryptocurrency Project

Author: Dylan B
Date: 
February 06, 2019
Read time: 
2 minutes

According to financial news outlet Cheddar, private sources have reported that Zuckerberg has acquired and onboarded a blockchain startup that specializes in the development of smart contracts, most likely to help him with a Facebook cryptocurrency project.

According to financial news outlet Cheddar, private sources have reported that Zuckerberg has acquired and onboarded a blockchain startup that specializes in the development of smart contracts, most likely to help him with a Facebook cryptocurrency project.

The blockchain startup is said to be Chainspace, which is a blockchain firm that was founded by University College London researches. It aims to be a planetary scale platform for smart contracts that utilizes a distributed web of blockchains for improved speed, scalability, and privacy.

Further proof of the collaboration can be found in statements made by the Chainspace website as well as in a statement made by a Facebook spokesperson, for which the Chainspace website states:

We’re excited to announce that the team is moving on to something new. Chainspace code and documentation will still be open source, and all previously published academic work remains available.

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Although the spokesperson is remaining tight-lipped about the project itself, they made this statement regarding the addition of the Chainspace team:

Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.

While it has been made clear that the Facebook team has acquired Chainspace, it is said to be more for their research team rather than for the technology as Facebook most likely needs help with the project that they have been working on for a while now.

It is speculated that the project will be a new stablecoin for their WhatsApp platform. However, only time will tell.

Cryptocurrency projects are here to stay and as you can tell by the news above, big names are getting involved. Are you wanting to invest in crypto but are not sure how to begin? You can start investing in Bitcoin and other cryptos easily by taking a look at our ultimate beginner’s guide to investing today!

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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