【I Want To Be The First Guy】

Facebook is I Want To Be The First Guyinvesting big in blockchain technology.

The social media giant has acquired four key people behind blockchain startup Chainspace and is investing considerable efforts and resources into blockchain tech, a source familiar with the company's plans told Mashable (Cheddar first broke the story late Monday).

SEE ALSO: Mark Zuckerberg on Facebook's 15th anniversary: critics are too 'negative'

Chainspace, self-described as a "planetary scale smart contracts platform," recently posted a note on its website, announcing that the team is "moving on to something new."

"Chainspace code and documentation will still be open source, and all previously published academic work remains available," the note says.

Meanwhile, some of the key people behind Chainspace have already changed their LinkedIn profiles, indicating they work for Facebook now. George Danezis, Chainspace co-founder, is now listed on LinkedIn as "Blockchain researcher" at Facebook, as of February 2019. Co-founders Shehar Bano and Alberto Sonnino have done the same.

Mashable Light Speed Want more out-of-this world tech, space and science stories? Sign up for Mashable's weekly Light Speed newsletter. By clicking Sign Me Up, you confirm you are 16+ and agree to our Terms of Use and Privacy Policy. Thanks for signing up!

Original image has been replaced. Credit: Mashable

Chainspace is a decentralized application platform, somewhat similar to Ethereum, but still in early stages of development (read the project's whitepaper here). The startup was in the process of raising a seed funding round to the tune of $2.5 to $3 million and was near that goal when key members of the team got hired by Facebook. The company was previously backed by Lemniscap, MW Partners and KR1, among others.

As for Facebook, the company has publicly stated its interest in blockchain on several occasions, most notably in May 2018, when former Messenger lead David Marcus announced he's leaving that group to lead a new group "to explore how to best leverage Blockchain across Facebook, starting from scratch." My source tells me the former Chainspace employees are joining this team. In December 2018, Bloomberg reported that Facebook is working on a cryptocurrency that will let users of its messaging service WhatsApp send and receive money.

A Facebook spokesperson told Cheddar that the company hasn't acquired Chainspace's tech, only the talent.

I've asked Facebook about the acqui-hire and its blockchain-related efforts and will update this article when I hear from them.

UPDATE: Feb. 5, 2019, 7:40 p.m. CET “Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share," a Facebook spokesperson said via e-mail.

---

Featured Video For You

---

Facebook cracks down on Russian-based "fake news"

---

Topics Facebook Social Media Cryptocurrency

• Entertainment
• Games
• Deals
• Digital Culture
• Shopping
• Tech
• Social Good
• Life

• Philips now allows customers to 3D print replacement parts
• Tesla blog post declares the Model S superior to the Model 3
• You can now buy a 40 of rosé because we've reached peak rosé
• Facebook is turning into a confusing social nightmare
• Today's Hurdle hints and answers for May 12, 2025
• Google takes on fake news with 'Fact Check' tags in Search and News
• Taran Killam remembers Trump on 'SNL,' calls him a moron
• Twitter is ripping Topshop apart for this 'cultural appropriation'
• How to Settle Down with Dystopia
• Bollywood's love letter to New York is your next must

• Can consent exist in 'Severance'?
• Best TV deal: Save $350 on LG 55
• LG StanbyMe portable monitor: Get it for $896.99
• Best Garmin vívoactive 5 deal: Save $70 at Best Buy
• Free Pokémon trading card event: How to get free Pikachu promo card on Feb. 22
• 'Severance' Season 2, episode 6: What's with those documents Mr. Drummond finds?
• Italy vs. France 2025 livestream: Watch Six Nations for free
• Australia vs. England 2025 livestream: Watch ICC Champions Trophy for free
• Which laptops and smartphones are easiest to repair? See the rankings.
• Best headphones deal: Save $100 on Sennheiser Accentum

• No Time for a Negative Peace
• This man makes amazing surreal animations from famous artwork
• Of course Justin Trudeau has a plan for when robots take our jobs
• Cheaper Microsoft mixed reality headsets are on the way
• NYT mini crossword answers for May 12, 2025
• Tesla blog post declares the Model S superior to the Model 3
• Man drives his car into the middle of a river because his GPS said to
• Michael Bay has 14 'Transformers' stories ready oh no
• Best IPL deal: Save $80 on Braun IPL Silk·Expert
• Do we need another wireless carrier? Who cares! Comcast is here anyways.

• Whale Vomit Episode 5: Startup Monarchy
• The results are in from that adorable second grade class survey
• Chrissy Teigen teamed up with Arthur to throw shade at John Legend's Easter outfit
• Literally anything could replace Twitter at this point and we'd be better off
• SpaceX's Starlink satellite launch in pictures
• Literally anything could replace Twitter at this point and we'd be better off
• Just when we thought we could move on, Tim Tebow homers in his first minor league at
• Chrissy Teigen teamed up with Arthur to throw shade at John Legend's Easter outfit
• Best Hydro Flask deal: Save $10 on a 24
• 'Get Out' leads MTV Movie & TV Award noms