Facebook Takes Another Step Closer to Cryptocurrency

According to reports Facebook has quietly hired the team at Chainspace, a small startup founded by researchers from University College London. The company clearly has big ambitions in the crypto space and a direct move into blockchain is another indicator that Facebook has plans for its own crypto products. Chainspace released a whitepaper in August 2017 which details their plans for a “distributed ledger platform for high-integrity and transparent processing of transactions within a decentralized system.” Although pretty vague, the concept is similar to several of the leading cryptocurrencies which aim to improve transaction speeds over existing platforms.

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