Facebook Has Quietly Set Up A Blockchain Division

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.

And back in January it appeared that Facebook was looking at ways it could use decentralised systems and cryptocurrency.

On Tuesday, Facebook Messenger head David Marcus announced that he’s leaving his current role to explore the use of blockchain technology within the company.

Facebook’s CTO Mike Schroepfer will have under his keen eye all the long-term products of Facebook and the firm’s business efforts such as VR, AR, and of the blockchain group that will work on blockchain technology.

David Marcus, the previous head of Messenger at Facebook and Coinbase board member, has taken the mantle as the new head of Facebook’s experimental blockchain group. While Mark Zuckerberg is still at the top of the hierarchy chain, everything underneath him is taking a new shape as Messenger, Whatsapp, Facebook Core app get new leaders. This division includes all the shared features that operate across multiple products or apps such as ads, security and growth. It should not be surprising news, then, that the corporation is rolling out a new research team tasked with diving into the realities of blockchain technology. It will be part of a larger division called “new platforms and infra”, one of three new divisions that were created as part of Facebook’s overall reorganization.

The spokesperson pointed Quartz to the diversity report Facebook releases annually, where the company acknowledges that it still has “a long way to go” on these issues.

Facebook confirmed the answer to Week Facts yet did not share any remarks to Recode’s report.

The moves happened at the direction of Facebook’s chief executive, Mark Zuckerberg, said a person with knowledge of the changes who asked not to be identified because he was not authorized to discuss them. Marcus will be joined with Instagram’s head of engineering, James Everingham, and Instagram’s product lead, Kevin Weil. Last week, the founder of WhatsApp Jan Koum stepped down from his position as the Chief Executive Officer.

WhatsApp, the most popular messaging application in the world, is adding an wonderful feature that will let you play Instagram and Facebook videos within the WhatsApp application.

Even social media mammoths like Facebook (NASDAQ:FB) can’t seem to ignore blockchain’s potential.