Facebook buys blockchain startup Chainspace in apparent first
Category: #tech  By Mateen Dalal  Date: 2019-02-05
  • share
  • Twitter
  • Facebook
  • LinkedIn

Facebook buys blockchain startup Chainspace in apparent first
  • This is the first blockchain-related acquisition of Facebook.
     
  • Facebook is hiring only the core team of Chainspace but none of the firm’s technology

Social media giant Facebook has reportedly acquired blockchain startup Chainspace. As per trusted sources, this is the first blockchain-related acquisition of the company.

Reportedly, the deal is more of an ‘acqui-hire’ than a full-fledged acquisition. People familiar with the development claimed that Facebook is hiring only the core team of Chainspace but none of the firm’s technology.

It is also being reported that four of the five researchers that prepared the academic whitepaper of Chainspace will be joining Facebook. The social media giant has reportedly stated that it has hired employees from Chainspace; however, it refused to comment on specific hires.

According to a report published by CoinTelegraph, Facebook had listed five new blockchain-related job openings on its careers page in late 2018. The positions included a data engineer, a data scientist role, and two software engineer posts, all at the firm’s headquarters in Menlo Park, California. The Head of Facebook Messenger, David Marcus had previously commented that the firm had created a group to discover the best ways to leverage blockchain across Facebook.

For the record, Chainspace is a blockchain startup established by researchers from University College London. The firm reportedly works on blockchain scalability issues, especially by applying sharding to smart contracts. Moreover, the core team at the firm appears to have been developing a secure and faster type of blockchain technology after publishing a whitepaper online in the year 2017.  

Reportedly, the authors of the whitepaper are now working at the London office of Facebook. In fact, two of the four researchers, including George Danezis and Alberto Sonnino, have already updated their LinkedIn profiles to list social media network as their official employers. Their roles are mentioned as ‘Blockchain Researchers’.

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More

More News By Mateen Dalal

AIVITA declares updates for AV-GMB-1 clinical trial in GBM patients
AIVITA declares updates for AV-GMB-1 clinical trial in GBM patients
By Mateen Dalal

AIVITA Biomedical, Inc., a biotech firm developing innovative cell therapies, has recently announced updates to the survival data after the year-end analysis of the ongoing AV-GBM-1 Phase 2 clinical trial in newly diagnosed glioblastoma (GBM) patient...

Lufthansa to shut down Germanwings & de-commission over 40 aircrafts
Lufthansa to shut down Germanwings & de-commission over 40 aircrafts
By Mateen Dalal

Lufthansa, the flag carrier and largest German airline, is reportedly shutting down its Germanwings, a low-cost airline, due to the rising impact of coronavirus on the business. The airline is also planning to de-commission over 40 aircrafts due to t...

WhatsApp limits forwarding to curb spread of fake news during COVID-19
WhatsApp limits forwarding to curb spread of fake news during COVID-19
By Mateen Dalal

WhatsApp, the renowned internet-based messaging app, has reportedly announced plans to start putting a considerable limit on message forwarding, in an effort to curb the spread of false information in the midst of the COVID-19 pandemic. The Facebook...