Breaking: Facebook Makes Its First Crypto Acquisition On Blockchain Startup Chainspace

Facebook has officially acquired the blockchain startup Chainspace that specializes in smart contract development according to reports by the blockchain news segment of media outlet Cheddar.

Chainspace is a blockchain company that was first founded by the University College London researchers and according to their website, Chainspace is a ‘’planetary scale smart contracts platform’’ that uses the blockchain for scalability, privacy, and speed.

A banner was posted on their website saying:

 “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.”

Facebook’s spokesperson confirmed that ex-Chainspace employees are not working in its newly formed blockchain division at Facebook and he continued saying:

 “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.”

It seems like Facebook is more interested in Chainspace’s team rather than its technology since the spokesperson denied acquiring Chianspace tech.

It’s interesting also that Facebook is considering integrating into WhatsApp and rumor has it that they also aim to create a crypto project in the near future. The company hasn’t provided further details but according to sources, Facebook wants to create a fiat-backed stablecoin that will be integrated on the chat platform.

The giant of all social media has hired blockchain developers reaching up to 40 now who are working on a crypto project. The former head of Messenger and former Coinbase board member David Marcus is leading the entire initiative.

Zuckerberg has previously pointed out that he is committed to making cryptocurrency saying that that project is one of his personal challenges.