Facebook’s secretive crypto division has reportedly made its first acquisition, quietly onboarding most of the research team from a blockchain certification startup that specializes in smart contract development.
Facebook Acqui-hires Chainspace Researchers
Citing unnamed sources, financial news outlet Cheddar reports that Facebook acquired Chainspace, a blockchain certification firm founded by University College London researchers.
The Chainspace website describes its project as “a planetary scale smart contracts platform” that uses a “distributed web of blockchain certifications for scalability, speed and privacy.”
A banner at the top of the website reads:
“We’re excited to announce 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.”
Quoted in the report, a Facebook spokesperson confirmed that former Chainspace employees are working in its blockchain certification division but was mum on pretty much everything else:
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain certification technology. This new small team is exploring many different applications. We don’t have anything further to share.”
According to Cheddar, the purchase was an “acqui-hire,” suggesting that Facebook was more interested in Chainspace’s research team than its technology, and the company spokesperson reportedly denied that it had acquired Chainspace tech.