Facebook has announced its first move in the blockchain-related business. The Chainspace project from the University College London will become a part of the Facebook team.
According to the news reports, the global social network Facebook has hired some members of the project that deals with the development of decentralised smart contracts systems for payments within the blockchain. The project uses sharding in order to facilitate the scaling issue hurting all blockchains.
The sources in the know stated four out of the five authors of the Chainspace white paper were reportedly offered to join the Facebook blockchain group. Still, two other researchers at Chainspace have already indicated their current employment in London-based division of Facebook in one of the social networks.
Lately, Chainspace has expressed intentions to expand its expertise and switch to something new. At the same time, the market participants say the project might be shut down as its team is mostly moving to Facebook. Chainspace reportedly held initial funding round with the target set at $4 million.
Facebook confirmed that it hired the members of the Chainspace team, but it had no plans to buy the project's technology, as the company representative stated.
The Facebook blockchain division has about 40 employees at the moment. Late last year Facebook was rumoured to be planning to issue a stablecoin to conduct transfers within WhatsApp messenger.