The Secret Behind Facebook Management and Blockchain Division Launch

Facebook creates Blockchain Division to be led by Coinbase board member

In 2009, the company released Facebook Credits, which could be used to purchase virtual goods in popular games like Farmville.

In December 2017, MadHive - which develops blockchain technology for media and advertising, along with The Mad Foundation - began generating the sale of "Mad tokens", a cryptocurrency to support an open blockchain network for the advertising industry. Before joining the company, he was the president of PayPal, which facilitates transactions between users in Facebook's Messenger app.

For the time being, those questions will remain unanswered, but Facebook will likely reveal more information about their crypto plans in the future.

The creation of a unique cryptocurrency would allow Facebook members to make purchases with retailers that advertise on its platform, but it would also allow advertisers to buy ad space. David Marcus, the executive formerly in charge of Messenger, will be the leading the blockchain group.

According to him, the newly created "a small team will explore many different directions".


Facebook, Heath said, does not now plan to hold an ICO, both because the company has billions of dollars on its balance sheet and because selling the token could have negative repercussions on the firm's already-battered reputation.

Facebook reshaped its product and engineering teams into three units, including an emerging technologies division focused on blockchain technology used for cryptocurrencies. "We don't have anything further to share", the spokesperson said.

"After almost four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge".

Recode had first reported that Facebook is building a new team dedicated to Blockchain technology and Marcus was leaving his post to run the Blockchain group. The company is also said to be investigating other ways to leverage the tokenized digital currency and its underlying blockchain technology across its platform, too. The company might integrate this digital coin into its payment system and help them transfer money and make payments.

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