Facebook Sets Up a Blockchain Team to Operate from Tel Aviv

By Kapil Gauhar

Facebook has set up an R&D blockchain team that will operate from its Tel Aviv development centre. The social media company is currently hiring a product manager for the blockchain sector. Facebook has advertised the post on its own social media platform as well as on LinkedIn.

As shown in the ad,

“The company is setting up a new team with the aim of discovering new ways to leverage blockchain technology. This is a small team that is quickly growing. The R&D blockchain team is a startup within Facebook.”

There have been reports over the past few days, which we have also discussed previously on BTC Wires, that Facebook has plans to issue its own cryptocurrency over the next year. The cryptocurrency will allow Facebook users to send money to their contacts through WhatsApp.

The New York Times reported,

“Facebook has had talks with the cryptocurrency exchanges about selling the currency to consumers.”

Facebook has over 50 engineers working on a secret project in separate offices from other Facebook employees for the purpose of protecting the secrecy.

In December, Bloomberg reported that the value of the digital currency would be associated with the value of the dollar for reducing the volatility, while the New York Times said that it would be associated with the several major currencies and not just the dollar.

It added that integration of Facebook, Messenger, WhatsApp and Instagram would be helping in increasing the number of users to use the cryptocurrency efficiently.

Also, Facebook recently launched a division for the initiatives in the cryptocurrency based technologies and blockchain sector. The social media platform has appointed a former president of PayPal, David Marcus, to head the division.

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.

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