There has been speculation that the social media monopoly, Facebook, is seriously considering launching its own cryptocurrency. In fact, Facebook is aggressively hiring blockchain experts to appease crypto experts. David Marcus, the former president of PayPal and VP at Messenger formed a blockchain unit on Facebook in April 2018. This group can now boast of 40 employees. These include people who have worked on Samsung Pay and Google Pay.
“They’ve been very quiet about what they’ve been working on, very stealthy,” said Cheddar’s Alex Heath. “But it’s definitely going to be some kind of blockchain-based cryptocurrency payments product.”
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Facebook Delving Into Cryptocurrency
A cryptocurrency is being considered by Facebook wherein its 2 billion users around the globe would be able to make electronic payments without the need of a traditional bank. “They are actively, actively recruiting,” said Cheddar’s Alex Heath. “They’re also trying to scoop up crypto start-ups that are at the white-paper level, which means they don’t really even have a product yet.” Heath also said that Facebook is avidly in search of gifted recuits since talent is scarce as the crypto ecosystem is still in its infancy.
Facebook face the issue to hire Blockchain experts
“The talent in this industry is so finite, and there are so many big players wanting these talented cryptographers and academics,” Heath said. “So Facebook is going really hard at them. And they’re having difficulty.”
Many people don’t trust Facebook and therefore Facebook is having a lot of trouble recruiting mainly due to the recent scandal regarding numerous data-privacy that have eroded the public’s trust in this mega company.
“A lot of people obviously don’t trust the Facebook brand right now, especially people in the srypto/blockchain world,” Heath said. “A lot of them got into this industry because of the centralization and the data misuse of companies like Facebook.”
Many Facebook users are furious after learning that Facebook has been selling off their personal data to third parties for profit, without their consent. Although Facebook CEO, Mark Zuckerberg, has apologised for the slip up, the damage has been done and his credibility as well as the credibility of Facebook has been damaged.
“So the idea of Facebook creating a cryptocurrency and a digital economy within its ecosystem is either incredibly exciting – if you talk to some people – or one of the scariest things in the world, if you talk to others,” Heath said. “It’s very polarizing, but they are actively building this up. I think we can expect to see Facebook buy some companies up in the crypto space in the next year.”
This post is also available in: Italian