According to news website Cheddar, Facebook appears to be one step closer to launching cryptographic money-related products: the social media giant has just hired several employees from PayPal to work in its blockchain division, which opened this spring.
Since May this year, Facebook has hired many PayPal executives to create blockchain departments at the same time, and appointed David Marcus as the head. Marcus previously served as vice president of Facebook Messenger and added P2P payment tools on the Facebook platform. Marcus also served as President of PayPal and a director of Coinbase.
Taken together, these events have led many to speculate that a blockchain-related payment platform is on the way and that Facebook may be working on an encrypted payment product. Now, that suspicion is intensifying as several more PayPal executives join the Facebook blockchain division. The speculation has been confirmed by a growing number of PayPal executives who have been lured to Facebook. That’s enough to show that Facebook’s blockchain payment platform is about to be launched, and it’s even possible to launch its own cryptocurrencies, possibly acquiring startups or ICO.
It has also been reported that Facebook has encountered some difficulties in recruiting talent: Facebook is facing growing problems due to scandals over privacy data. But the company’s eventual introduction of cryptocurrencies is bound to be a major event.
The poaching of PayPal employees by Facebook also proves another trend: PayPal has become the cradle of talents in the field of cryptocurrency. In addition to Facebook’s blockchain division, a number of blockchain projects have been linked to former PayPal executives.
Based on PayPal’s early development of online trading services, its technical team is familiar with the application of encryption technology, which naturally includes the current popular blockchain technology applications.
PayPal itself is taking advantage of the power of blockchains. It has previously been reported that PayPal is using blockchain to run its internal employee incentive plan.