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Cryptocurrencies

Facebook hires the team behind blockchain company Chainspace

Tuesday 5 February 2019 | 12:55 PM CET

Facebook has hired the team behind Chainspace, a small blockchain startup founded by researchers from University College London, according to Cheddar.

A Facebook spokesperson confirmed to Cheddar that the company had hired employees from Chainspace but declined to comment on specific hires. Moreover, the social media company is not acquiring any of Chainspace’s technology, however is exploring ways to leverage the power of blockchain. This new small team is exploring many different applications.

Chainspace aims to build a decentralized “smart contracts” system that could facilitate payments and other services through blockchain technology. One of Chainspace’s goals is to improve the speed of transactions through this technology, which currently functions much slower than traditional financial institutions like Visa. The researchers behind Chainspace are also looking at how blockchain and decentralization could be applied to areas outside of payments, like polling.

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