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Facebook forms all-new blockchain team

(Image credit: Image Credit: Katherine Welles / Shutterstock)

Facebook is jumping on the cryptocurrency bandwagon with a new team created to explore possible uses of blockchain technology. 

The online giant is forming a new team, relatively small, but filled with some high-calibre individuals, as it looks to leverage one of the newest, hottest technology in the world.

Blockchain is the technology powering cryptocurrency, but its potential is far, far greater than that. It can be used to power social media, trade, data transfer, to name a few.

Facebook's new team, counting less than a dozen people, will be run by David Marcus. For those who aren't familiar with the name, he has been running Messenger, overseeing the service's growth into a standalone app. He will be joined by a few familiar faces from Instagram: VP of Engineering, James Everingham, and Instagram’s VP of Product, Kevin Weil.

“After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge. I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch,” Marcus said in a Facebook post.

“It's been an honor to lead the amazing Messenger team, their commitment to making Messenger the best it can be is unsurpassed. I will miss them but I know Messenger is in great hands with Stan Chudnovsky and they will continue to create amazing experiences for all the people who depend on it around the world.”

Image Credit: Katherine Welles / Shutterstock