Facebook Establishes Dedicated Blockchain Technology Team

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Facebook announced Tuesday it was creating a blockchain division to be led by a senior executive in what may be an effort by the social media company to develop its own payment system that cuts out credit card companies.

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. The Head of the Messenger at Facebook, David Marcus announced this a few hours ago explaining how the team will go about it.

Constine also said that more closely associating Facebook with Instagram and WhatsApp could end up being a boost to the brands.

Unlike many corporate executives who fall into the "blockchain not bitcoin" crowd, Marcus is a sitting board member of Coinbase, perhaps the most well-known company in the cryptocurrency industry.

Advertisers that want to purchase Facebook ads related to civil rights, the economy, taxes, or 16 other issues that the company considers to be of "public importance" must comply with Facebook's new political-ad verification procedures. While enabling some of the seasoned veterans to tackle more emerging technologies within the company.

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.

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The Blockchain research group will also gain Instagram's head of product development Kevin Weil as part of the organization's reshuffle, Facebook confirmed.

"After almost four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge. After four fantastic years leading Messenger, I'm going to setup a small group to explore how to best leverage Blockchain for Facebook", Marcus said in his tweet.

"After almost four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge", Marcus said.

But its clear that the USA -based social network remains interested in the technology behind the currencies, even if it may never let users transact with bitcoin on the website.

"We may also be notified of such incidents or activity via the media or other third parties", Facebook said. He added: "But they come with the risk of being harder to control".