Facebook’s blockchain unit has more than 100 staff

Facebook’s blockchain unit has more than 100 staff

Facebook’s blockchain unit has more than 100 staff

Facebook, the world’s largest social media company, has more than 100 people working on its secretive cryptocurrency project and it’s looking to hire more blockchain experts, CNBC has reported.

The news outlet pointed to information from the Facebook careers website showing that there are over 40 openings for the team. Some of the job listings give provide a bit of insight into what Facebook hopes to achieve with the help of blockchain technology.

“The blockchain team is a startup within Facebook and we’re exploring lots of areas of interest across all facets of blockchain technology,” the job description in those listings reads. “Our ultimate goal is to help billions of people with access to things they don’t have now — that could be things like healthcare, equitable financial services, or new ways to save or share information.”

Interestingly, not all of the positons are based in the US, as there are several openings for an engineering team based in Tel Aviv, Israel. This team will focus on “the development of a state-of-the-art near real-time AI platform, to serve the blockchain project”.

June announcement?

Earlier this week, online publication The Information reported that Facebook might unveil its project later this month. It has been rumoured that the company is developing its own stablecoin – a type of cryptocurrency tied to a fiat currency or a basket of several currencies. Citing unnamed sources with knowledge on the matter, The Information said that the coin “is designed to function as a borderless currency without transaction fees and will be aggressively marketed in developing nations where government-backed currencies are more volatile”. The report also said that Facebook had approached financial institutions and other tech companies with proposals to join an independent foundation that will contribute capital and help govern the digital currency.

Featured image: Ink Drop / Shutterstock.com

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