Facebook Hires Blockchain Experts From 'Chainspace' Even During Crypto Plunge

Persons hold smartphones with the Facebook logo in front of displayed "top secret" and "email" words in this picture illustration
Persons hold smartphones with the Facebook logo in front of displayed "top secret" and "email" words in this picture illustration taken December 6, 2018. (Photo: REUTERS/Dado Ruvic/Illustration/File Photo)

The decline in the rate of cryptocurrency may be regarded as a worrisome situation by many. But it seems to be fruitful for tech majors like Facebook. When a majority of the blockchain experts may fear the chances of job loss, it may just be the time of celebration for the crypto experts of the Blockchain startup 'Chainspace'. As per latest reports, Facebook has hired experts from the startup for its project.

According to CNBC, Chainspace has been known for being a blockchain startup founded and run by the PHD experts from University College of London. The company has enjoyed fame in the sphere of blockchain and cryptocurrency for some time now. Facebook seemed to be interested in the sphere for a couple of years. Though, a majority of the tech analysts have regarded the blockchain technology as a threat to Facebook. Internet analyst from RBC: Zachary Schwartzman addressed Blockchain as "long term risk to Facebook's underlying business model."

Chainspace is well known for a massive date safety project, called 'DECODE.' As per the latest report by Smartereum, the project allows the users to protect and safeguard their personal data. The official website of the firm denotes the project as "giving people ownership of their personal data." The tie-up between Chainspace and Facebook may be the latter's attempt to make its own crypto expertise even stronger than before. 

Schwartzman added regarding this pact: "On the surface, it may appear that Facebook purposefully hired the technical team related to DECODE. But we don't believe this was the case," " Our view is that this was simply an acqui-hire to expand Facebook's internal crypto team's expertise." Facebook is reportedly moving faster than before in terms of development in the blockchain space. The social media giant is named among the top companies which are testing various aspects of cryptocurrency.

The other potential rivals of Facebook in the blockchain space are Amazon, J.P. Morgan, Microsoft, IBM etc. which are also having rapid increments in terms of crypto developments in recent times. According to the latest insights, the professional profiles of both the founding members in Linkedin now seem to fetch their details as they have joined Facebook.

Acqui-hiring of blockchain enterprises has turned into a frequent habit of Facebook. The company even acquired blockchain major: Sparks Learning, just a few days before from now, as per the reports of the last week. Facebook may also add some new names in its mission to overpower blockchain space in coming days. 

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