Facebook announced the launch of a blockchain division, with a view to exploring the technology behind cryptocurrencies, including bitcoin.
David Marcus, the company's vice president for its Messenger App division, will be in charge to set up a team to explore how to use blockchain technology across Facebook.
In a post on his Facebook page, Marcus, who joined the board of crypto exchange Coinbase last year, said, "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."
In an interview to CNBC in February, Marcus, the former president of PayPal, had said that Facebook Messenger was unlikely to embrace cryptocurrency payments anytime soon. He had pointed out ongoing issues with existing cryptocurrencies, including high transaction fees and slow transaction times. However, he believed that once blockchain developer communities fix all the issues, it's possible for the company to look at the option.
The latest move follows a decision in late January by the social media to ban all adverts promoting cryptocurrencies following significant growth in adverts, many of which were feared to be scams. Misleading or deceptive ads have no place on Facebook, the company then said.
In its biggest management shakeups in the history, Facebook gave more responsibility to its chief product officer Chris Cox, who will now also oversee Instagram, Messenger and WhatsApp.
For comments and feedback: editorial@rttnews.com