Facebook Establishes Dedicated Blockchain Technology Team

10 May, 2018, 00:27 | Author: Priscilla Morrison

Recode reported that the company is giving its longtime executives new responsibilities, filling some of the empty posts and making changes to the entire executive structure.

As a technology company, Facebook has embraced new innovations as a solution to maintaining consistent growth and continues to do so with this exploratory leap into blockchain.

Outside of confirming the staffing changes - and a comment from Zuckerberg earlier this year about looking into the technology - Facebook hasn't said exactly how blockchain would be used in the company and the team was described as "exploratory." Apart from Marcus, Instagram's Kevin Weil will also join the new blockchain initiative, according to Recode.

Marcus is an interesting choice to lead Facebook's blockchain charge. The company also announced today that Jeff Zients, the CEO of Cranemere, a holding company for businesses in the US and Europe, has been appointed to Facebook's board of directors. A new WhatsApp head has also been announced since WhatsApp Co-founder Jan Koum recently left the company and his position as a board member. In addition, there is going to be separate team focussing on the privacy products.

Facebook announced a massive revamp of its organization, which involved appointing new leaders for WhatsApp, Messenger, and Facebook's core app. Marcus is not new to this emerging technology as he holds a seat on the board of directors at the cryptocurrency exchange - Coinbase.

But its clear that the USA -based social network remains interested in the technology behind the currencies, even if it may never let users transact with bitcoin on the website. "After four awesome years leading Messenger, I'm going to setup a small group to explore how to best leverage Blockchain for Facebook", Marcus said in his tweet. Marcus was previously the head of Facebook's messaging app Messenger. Facebook CEO Mark Zuckerberg assured regarding the issue that there will be a higher security alert from now on.

In his absence, the Messenger head of product Stan Chudnovsky will be taking charge of the messenging service's operations.

Ever since Marcus' post on Tuesday, shares of Facebook have increased 1.73 percent to reach $182.01 as of 2:08 p.m. EST on Wednesday (May 9). This shuffle in their product team means now the company will be divided into three groups i.e. new platforms and infrastructure, a family of apps and central product services.


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