Facebook has embarked on an aggressive hiring spree to woo crypto experts to expand its blockchain group amid speculation that the social media monopoly is considering launching its own cryptocurrency.
Facebook formed its blockchain unit in April 2018 with David Marcus, the former president of PayPal and VP at Messenger. Marcus is a longtime cryptocurrency advocate and a former board member at Coinbase, the largest US-based cryptocurrency exchange.
FB’s blockchain group now has 40 employees — including a half-dozen ex-PayPal executives that Marcus poached from his former employer, Cheddar reported.
FB Eyes Blockchain-Based Payment Product
The secretive unit includes people who have worked on Google Pay and Samsung Pay, a mobile payment and digital wallet service from Samsung — the world’s largest manufacturer of semiconductors and smartphones.
“They’ve been very quiet about what they’ve been working on, very stealthy,” said Cheddar’s Alex Heath (video below). “But it’s definitely going to be some kind of blockchain-based cryptocurrency payments product.”
Facebook is also considering launching a cryptocurrency that would enable its 2 billion users around the world to make electronic payments without the need for a traditional bank.