Just months ago, David Marcus, the former president of fintech giant Paypal, was appointed as the inaugural head of Facebook Blockchain, the social media giant’s first stab at so-called “internet 3.0” innovation. But since Marcus’ appointment, many have been puzzled, as Facebook’s blockchain division has seemingly disappeared off the face of Planet Earth. In a testament to this confusion, the Menlo Park-headquartered corporation has only fleeting referenced its newfangled branch, specifically through the incessant stream of Facebook job opportunities posted via LinkedIn.
Yet, an exclusive report from Cheddar, an up-and-coming business media outlet, has revealed that Facebook’s “small” blockchain consortium has been bolstering its defenses behind closed doors. Citing those familiar with the matter, the outlet’s Alex Heath and Tanaya Macheel explained that nearly 40 employees, which consist of blockchain developers and former members of Paypal’s top brass, now work within the walls of the little-known program. In the exposé piece from Cheddar, it was also divulged that two former key members pertinent to the Instagram project had jumped onto the blockchain bandwagon.