CNBC reported on May 8, that the social media site, Facebook, is exploring possible applications for blockchain technology as announced by the head of Facebook’s messaging app, David Marcus.
Tuesday afternoon a post by Marcus on his personal page stated that he is setting up a small group to explore how to best leverage blockchain across Facebook.
Marcus joined cryptocurrency exchange Coinbase as a board member in December and has been leading Messenger for about four years. However, Facebook has not yet revealed its level of interest in applying blockchain.
Recode reported on Tuesday, that Facebook is shaking-up its product team and now the company will be operating under three divisions: a “family of apps” group, “new platforma and infra” and “central product services”.
Facebook bans Cryptocurrency and ICO Ads
In January Mark Zuckerberg, CEO of Facebook stated that he is going to look into digital currencies to explore their potential for empowering people. He also told that the power of decentralized systems like cryptocurrency can be useful in taking power away from the centralized system and placing it back in the hands of people. Contrary to this, ads on cryptocurrencies and initial coin offerings (ICOs) were completely banned by Facebook in January. The ban was a surprise, as Zuckerberg had shown interest in cryptocurrencies earlier and how best they can use them in the services of people.