Since that time, the company has been quietly staffing up the new group and now has five different listings for blockchain scientists, engineers and product marketing experts.
“The blockchain team is a startup within Facebook, with a vision to make blockchain technology work at Facebook scale. We’re exploring areas of interest across all facets of blockchain technology. Our ultimate goal is to help billions of people with access to things they don’t have now – that could be things like equitable financial services, new ways to save, or new ways to share information,” reads the description found across the job postings.
While it’s currently unclear what blockchain-based products Facebook is working on, previous reports indicated that the company is “very serious about” creating its own cryptocurrency.
Given the massive userbase across Facebook and Instagram, a “Facebook Coin” could function as the ultimate utility token, but trust in the company may ultimately hinder its long-term success in achieving a decentralized platform or currency.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.