Sources reported that Facebook has recently marked ‘a blockchain-related acquisition’. It has apparently acquired ‘blockchain startup, Chainspace.io which specializes in the smart contract.
First Blockchain acquisition by Facebook
Chainspace builds decentralized smart contracts system to streamline payment and other services via blockchain technology. Facebook made an acquisition deal as ‘acquihire’ wherein the company’s skills or staff’s expertise will be acquired than the services or products of the company.
A note on the company’s home page states;
“We’re excited to announce that the team is moving on to something new. Chainspace code and documentation will still be open source, and all previously published academic work remains available.”
Accordingly, four researchers from Chainspace who are behind the whitepaper of the company will shift to Facebook. Since it’s a talent acquisition, there’s no deal to acquire Chainspace’s technology, sources revealed. Moreover, it has also come into view, the startup will shut down soon because the social giant has already hired a major team of Chainspace.
Facebook’s latest acquisition indicates that it is making a big deal across the space of blockchain technology. In fact, around 40 people at Facebook’s blockchain division is busy making the firm leverage benefit from nascent blockchain technology.
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com