Facebook approached the social media giant with another digital currency move, taking possession of London-based Blochyn.
Facebook is expanding its blockbuster department
According to reports, Facebook has appointed a team at Chainspace, a small startup company founded by researchers from the University of London. It is clear that the company has high ambitions in the field of digital currency and that the direct transition to the technology of the Blockin is another indication that Facebook has plans to launch a digital currency of its own.
The company also issued a white paper in August 2017 detailing its plans to create a distributed accounting technology platform to handle high transparency and integration of transactions within a decentralized system. Although this concept is largely ambiguous, it is similar to many leading digital currency cases aimed at improving transaction speeds on existing platforms.
The report added that four of the five researchers who wrote Chainspace white paper had joined Facebook’s Facebook group. Facebook has previously confirmed its plans to discuss the technology of plucin.
He added that there was no acquisition of Chainspace technology, but only employees. There was no mention of funding, although Chainspace was in the process of raising initial funding for less than $ 4 million.
Facebook is looking to enter the world of digital currency from the widest of its doors
This is not the first time that Facebook has been looking into the domain of plucchin. Its department currently employs about 40 people and is likely to expand again this year. More acquisitions are still possible. Facebook has already conducted talks with the platform of payments based on Algorand.
As Bloomberg once said, Facebook is already exploring its own digital currency release, which will be used for transfers on the Watts platform in the markets initially identified. The new currency is likely to be a fixed dollar-backed currency that competes with the Tether currency.
The company has been suffering from privacy problems recently, so it will not be an ideal platform for decentralized currencies. No matter what type of currency Facebook will eventually offer, it is likely to be centralized and controlled by the company. The site has been accused of monitoring and manipulating data in the past as well as selling personal data, making Facebook a complete antithesis of the word digital currency.
In both cases only a matter of time before the world’s largest social network launches its own digital money and joins the ever-evolving digital currency sector.