Facebook Creates Blockchain Division Team Led by Former CEO of PayPal

Facebook Creates Blockchain Division Team Led by Former CEO of PayPal

Facebook Creates Blockchain Division Team Led by Former CEO of PayPal

As a technology and communiocation company Facebook is working to bring on board new innovations as it seeks solutions to sustain its growth and it is hoping that blockchain technology will help achieve that.

Recode cited multiple unnamed sources.

A Facebook spokesperson confirmed the news of the re-organisation to Business Insider.

Outside of confirming the staffing changes - and a comment from Zuckerberg earlier this year about looking into the technology - Facebook hasn't said exactly how blockchain would be used in the company and the team was described as "exploratory." And David Marcus, formerly the head of Messenger, is taking the helm of a newly announced blockchain unit.

In a post on Tuesday, David Marcus noted that he would be "starting from scratch" to study blockchain tech for the social media giant.

However, the executives responsible for the company's core products-Facebook, Instagram, Messenger, WhatsApp-that reach 5 billion people worldwide each month, as well as its engineering and AI infrastructure, are all led by men.

Javier Olivan, Facebook's VP of growth who will report into Mark, will be in command of the central product services division - this includes growth, product management, integrity, analytics, etc. Mark Rabkin, Naomi Gleit, and Alex Schultz will be reporting to him. Recode notes that, as the former President of PayPal, Marcus has lots of experience with payments. The new platforms and their subdivisions will be managed by Facebook's current technology leader, Mike Schroepfer, who will also steer the company's efforts into AR (augmented reality), VR (virtual reality) and artificial intelligence.

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The government's response is seen as a test of labour reforms launched by French President Emmanuel Macron. The state owns a 14% share of the company but will not bailout the company the minister warned.

Stan Chudnovsky will take over the Messenger division. Meanwhile, Facebook has tried to keep its ad revenue growing through newer, younger platforms like WhatsApp and Instagram.

Facebook privacy concern was one of the most talked about news on the internet recently.

Facebooks' decision into blockchain will create a new trustworthiness to the cryptocurrency industry.

Mark Zuckerberg at a public in-person Q&A at Facebook HQ.

Another result of the shift is that Facebook now has a team dedicated to researching blockchain technology.

In any case, Facebook seems confident that the blockchain is a technology of great utility, and their placement of experienced board members on the new team signifies their deep interest in the decentralized ledger.

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