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Facebook and Crypto – What’s the Relationship?

Facebook and Crypto – What’s the Relationship?

Facebook hasn’t revealed much in terms of what it plans to do exactly with cryptocurrency and blockchain solutions. But a new piece of evidence from BI reports that the social giant met with Stellar (XLM) as part of its efforts to figure out what it wants to do. They’ve denied any potential partnership with Stellar and also said nothing is currently taking place.

However, they’ve revealed that they’ve created a blockchain team to explore how Facebook can utilize the new technology. It’s being led by David Marcus who used to be the lead for their app, Messenger. Based on CNBC reports, there are rumors that they may acquire Coinbase.

But a spokesperson for Facebook denied it. There was no other news following that. Ran NeuNer, the host of CNBC’s Crypto Trader show says that Marcus stepped down from the Coinbase board when pressured with questions about Coinbase acquisition and that this mere act is proof of some possible reasonings:

They’ve also recently posted job listings for a public policy manager for blockchain and a software engineering manager to lead its blockchain team. The fact that they have these teams and are spending resources on them speaks volumes. The listing states that the teams are startups within Facebook with a “vision to make blockchain technology work at Facebook scale and improve the lives of billions of people around the world.”

This is proof enough that the giant is onto the newly emerging technology of blockchain solutions. What they plan to do exactly is still not known at this point. Stay tuned for additional discoveries.

Long-time reader of crypto. One of the first graduating classes of Blockchain and Future Trends. Writer, journalist, and newbie technical analysis price speculator. Learning about the development of cryptocurrency and blockchain technology around the world is my job. ICOs, whitepapers, and cryptoculture are my things.

Disclaimer: Our authors may hold active positions in one or multiple cryptocurrencies discussed on this news portal. Opinions expressed at AWSMO are NOT investment advice and any investment in one or more cryptocurrencies may be high-risk and extremely volatile. Please due your due diligence before making any investments in any cryptocurrency. Your investments are your own risk and you assume full responsibility for your actions.

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