The company has announced that David Marcus, VP of Messenger app will lead the new team, to explore options on how the company can hold blockchain across the platform from scratch. At the time of writing, Facebook's market cap is around $540 billion United States dollars according to ycharts, nearly $200 billion more than the market cap of the entire crypto space.
Social network Facebook is considering the creation of its own cryptocurrency, which will allow users to make electronic payments.
Facebook confirmed the co-founders exit and the company promised to give its comment behind the shakeup.
After forming an internal team dedicated to blockchain technologies, Facebook is reportedly jumping into cryptocurrency with both feet.
At the time, Beller was the only Facebook employee devoted to studying blockchain, the digital and decentralized ledger that underpins cryptocurrencies like Bitcoin and Ethereum.
The new blockchain team would come under "New platforms and infra" run by Chief Technology Officer (CTO) Mike Schroepfer, who will also take care of Facebook's AR, VR and Artificial Intelligence initiatives. Recall, January 31, 2018, it was reported that the social network Facebook banned advertising of crypto-currencies, ICO (initial placement of the token) and binary options.
It's worth noting that blockchain, as a decentralized system, could turn out to be very useful for Facebook. Facebook Credits fizzled out after two years.
Stan Chudnovsky, who has been Messenger's product chief, will succeed Marcus as head of the service, Facebook said.
Messenger and WhatsApp each have more than a billion users, making them one of the most popular smartphone applications in the world.
The social network is also among online platforms that came under fire for being used to spread misinformation and foment division ahead of the U.S. presidential election in 2016. Sources close to the company claim this secrecy is being practiced by design and is also the reason why blockchain has been left out of Facebook's recent product roadmaps despite the fact that it has been actively pursued by the company for over a year now.