Facebook is aggressively hiring blockchain developers which is indicating that the social media giant is planning to launch its own cryptocurrency. The launch of cryptocurrency will enable its 2 billion users to make payments without the need of traditional banks and fiat currencies.
In April this year, Facebook formed its blockchain unit with David Marcus. David is the former president of PayPal and VP at Messenger. He is also a board member at the largest United States-based cryptocurrency exchange Coinbase. The blockchain group of Facebook now has over 40 employees. In these employees, half a dozen are ex-PayPal executives, and some have worked with Samsung pay and Google Pay.
The senior reporter of Cheddar, Alex Heath recently said that
“They’ve been very quiet about what they’ve been working on, very stealthy. But it’s going to be some kind of blockchain-based cryptocurrency payments product.”
Alex further added that Facebook has already got policy people and the company can go for meaningful merger and acquisition (M&A) to achieve its goals. In a recent post, Altcoinera reported that Facebook is planning to develop blockchain based product and actively hiring blockchain developers. According to Alex, they do not have a product yet; they are working on the white paper level. Alex further added
“The talent in this industry is so finite, and there are so many big players wanting these talented cryptographers and academics. So Facebook is going really hard at them. And they’re having difficulty.”
Because of recent data-privacy scandal, Facebook is facing a lot of trouble in hiring blockchain developers. A lot of people do not trust companies which misuse the user data said Alex. Many users feeling uncomfortable to know that Facebook is selling their personal data for profit to third parties even without their consent.
Though the founder and Chief Executive Officer (CEO) of Facebook, Mark Zuckerberg has apologized but the damage to his credibility and Facebook’s brand is irreversible.