Facebook, the world’s top social media platform, has announced the formation of a blockchain technology research team. The team will explore the best ways to leverage blockchain technology across Facebook.
David Marcus is leading Facebook’s blockchain research team. Up until now he has been in charge of the Facebook Messenger app. Under his guidance, over 1 billion people signed up for Messenger to use features like video chat, peer to peer payments and games. The fact that he’s stepping down from being in charge of Messenger to explore blockchain technology for Facebook indicates this is a serious venture.
Marcus appears to have a personal interest in cryptocurrency as indicated by him joining the board of directors of Coinbase in December of last year. Since he works for one of the biggest Bitcoin dealers in the US and is now in charge of the Facebook blockchain team, it is reasonable to think that his team will try to add Bitcoin functionality to Facebook. Nothing has been promised and no announcements regarding this logical step have been made, but if it did happen it would be one of the biggest recent advancements in Bitcoin and cryptocurrency.
The market cap of Facebook stock is over USD 500 billion, putting it in the top 10 most valuable companies in the world. The market cap of Facebook stock exceeds the USD 430 billion market cap of all cryptocurrency in the world combined.
Overall, the announcement that Facebook has created a team led by one of its top executives to explore implementing blockchain technology is positive news for the cryptocurrency world and another sign that cryptocurrency and blockchain technology is being adopted globally.